GBPCAD trade ideas
GBPCAD: Consolidation and Bearish TrendGBPCAD is currently moving sideways within a broad horizontal range.
After testing resistance, a head and shoulders pattern has appeared on the price chart.
I expect the consolidation to continue, potentially resulting in a decline toward the support level of the range. My target is 1.7909.
GBPCAD: Consolidation & Bearish MovementGBPCAD is currently trading sideways in a broad horizontal range.
Following a resistance test, a head and shoulders pattern was formed in the price chart.
I anticipate that consolidation will persist, leading to a potential decline towards the range's support level. My target is set at 1.7913.
We had a deep retest in GBPCAD and we may continue up today The market pushed to the up side for 3 day without a significant retest, and on Thursday we had a deep retest and I we saw a reaction at 1.78815, I am targeting 1.81902.
SELL GBPCAD for bullish trend reversal STOP LOSS : 1.8148SELL GBPCAD for bullish trend reversal
STOP LOSS : 1.8148
Regular Bearish Divergence
In case of Regular Bearish Divergence:
* The Indicator shows Lower Highs
* Actual Market Price shows Higher Highs
We can see a strong divergence on the MACD already and There is a strong trend reversal on the daily time frame chart.....
The daily time frame is showing strength of trend reversal from this level resistance so we are looking for the trend reversal and correction push from here .....
TAKE PROFIT : take profit will be when the trend comes to an end, feel from to send me a direct DM if you have any question about take profit or anything
Remember to risk only what you are comfortable with…….trading with the trend, patient and good risk management is the key to success here
Scenario GBPCADInteresting formation, maybe it's a double top, I'll wait for the breakthrough of the trend line and then try a short position
GBPCAD TFGBPCAD BUY
The market trend is bullish on the daily chart. A new high was made on October 29, and today, the market is retesting the last resistance, which we now consider as support.
1 Hour:
The market has formed a double bottom trading pattern, and its neckline has broken to the upside. We will take a trade on the retest.
ENTRY 1.80246
SL 1.8000
TP 1.8045 & 1.8105
GBPCAD, Triple Top, Strong Resistance with Bearish divergenceTrading @ strong Resistance Zone
Triple Top Formation
Bearish Divergence
Short @ CMP
SL above triple top
TP 1.78465
1:2 Risk to Reward
Long On GBPCADGoing Long on GBPCAD early in the week. The pair looks set to continue higher and put further gains on the table.
Entry: 1.8000
Targets: 1.8148 & 1.8294
Stops: 1.7859
Risk to Reward is 1:2
#GBPCAD #Tradesetup #Long
GBPCAD= SellPrice has completed a 5 wave structure, making a contracting flat in between. We are also seeing a reaction at the Daily supply zone which seems to be holding thus far.
Either the price will reverse at the trendline to continue to the upside or we have a nice break to the downside. Time shall tell.
Lets see how this one goes.
14-10-2024 _ Short Term Bullish Idea _ EURCAD H41. Price is moving in a Rising Channel.
2. Price is above 200 Moving Average.
3. Strong impulse to the Upside breaking last LH resulting in Convergence.
4. Pullback expected to the support zones followed by continuation to the Upside. Actively look for BUY Setups.
5. 180 - 225 pips move expected.
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GBP-CAD Local Short! Sell!
Hello,Traders!
GBP-CAD went up sharply
And hit a horizontal resistance
Level of 1.8143 and as the
Pair is locally overbought
We will be expecting a local
Bearish correction
Sell!
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GBPCAD bullish in the long termIn the short term GBPCAD is a Short Opportunity if a pullback from the resistance zone around 1.8120, especially if MACD divergence or a bearish crossover occurs and ADX weakens. In this scenario, the support near 1.8000 could be the initial target for a short-term correction down till 1.7800 near major support channel.
GBPCAD bullish in the long termIn the short term GBPCAD is a Short Opportunity if a pullback from the resistance zone around 1.8120, especially if MACD divergence or a bearish crossover occurs and ADX weakens. In this scenario, the support near 1.8000 could be the initial target for a short-term correction down till 1.7800 near major support channel.
GBPCAD-SELL strategy 3-hourly chartThe pair is overbought, and there is room for correction back to 1.7985 area is my viewpoint.
Strategy SELL @ 1.8090-1.8120 and take profit @ 1.8007 for now.
SL based on personal preferences.
GBPCAD sell opportunityKeep a close eye on the R1 pivot on GBPCAD. That's exactly where the BSL is and also the highest level the pair has been in the last 6 years. That area surely has to be a very strong sell opportunity, down to at least the weekly open which is a strong support level with a bullish OB just below
GBPCAD HUGE selloff expectedPrice is extremely oversold and is at a major supply level. Price has been rejecting this level since 2017 and every time it has got to this level price has plummeted. We are also at a 1h supply level.
GBPCAD Eyes a Strong Rebound from Key Support ZoneThe GBPCAD pair has recently broken through a significant resistance level and pierced a longstanding downward trendline, suggesting the beginning of a bullish trend shift. This breakout is a strong technical signal that hints at a potential shift in market sentiment, favoring the buyers. Observing price action on the daily timeframe, there’s a clear pattern of higher highs and higher lows—indicating persistent buying strength and steady momentum that continues to build with each new high.
What’s particularly noteworthy is how the price approaches the psychologically important level of 1.8000. This round number often serves as a critical juncture for price action, as it tests both the conviction of the bulls and the resilience of the bears. Given the current upward momentum, this level could soon be surpassed, allowing the pair to break further into bullish territory. A retest of the recently broken resistance zone would further validate this bullish move, establishing the 1.8000 mark as a new support level that can launch further upward advances.
Looking forward, my target lies around the resistance zone at 1.8070, where the next substantial price ceiling resides. This target aligns well with the bullish continuation patterns observed, as GBPCAD appears poised for sustained gains. Should this upward movement continue with strong support from market participants, we may see a definitive move toward the 1.8070 resistance, solidifying a broader trend reversal and setting the stage for potential long-term gains. In this bullish landscape, each new high reinforces a prevailing buyer-driven sentiment, making the breakout and retest scenario even more compelling.
GBPCAD BEARISH FOR 120 PIPSRisk-to-Reward Ratio: You're looking at a risk-to-reward ratio of approximately 1:2.4 (120 pips reward to 50 pips risk), which is generally favorable as it allows for larger potential profit relative to the risk.
Technical Analysis Setup:
Downtrend Confirmation: Check for confirmation of a downtrend by observing a series of lower highs and lower lows. You could also use moving averages (such as the 50 EMA and 200 EMA) to see if the price is below them, which would reinforce the bearish outlook.
Support and Resistance: Look for any major support levels around the 120-pip target. This will help confirm that price could reach this level without major barriers.
Key Indicators: Use RSI or MACD to confirm any overbought conditions, which would indicate the potential for further downside.
Entry Trigger: To increase your trade's precision, consider entering on a lower timeframe if there is a bearish engulfing candle, pin bar, or any other strong bearish price action.
Volatility and Timeframe: Ensure you're entering during a high-volatility period (such as a London or New York session overlap) if looking for a quicker move. GBP/CAD can be quite reactive to news from the UK or Canadian markets.
Managing the Trade: As the price approaches the 120-pip target, consider scaling out or adjusting your stop loss to secure profits while maintaining some exposure in case the trend continues further down.
