1. Price is trading below the 50 EMA on D1 2. Price is forming lower highs and lower lows 3. Price pulled back and retested the 50 EMA on the H4 4. Price is testing a downward trendline 5. Price is testing a recent support 5 confluences that affected my Bias on this trade. Hence im SELLING GBPCAD FOLLOW ME FOR MORE TRADE SIGNALS
This pair was short because of the following reasons; 1. Overall trend on the daily chart is a downward trend 2. A break and retest of a H1 support now turned resistance 3. A Double top formation at retest of resistance
Market couldnt break previous low on the H4 confirming the uptrend still intact
1)GBPNZD has broken the previous high on the 4H TF hence currently in an uptrend. 2) It has also formed a higher low confirming the long 3) There is also a retest of a trendline drawn in the H4 TF FOLLOW ME AND GET UPDATED EVERYDAY ON SETUPS LIKE THESE
Entry was taken on the 5min TF. Price failed to break the previous high on the 5 min hence the down trend is still intact .
This trade is based on formation of double top in lower timeframe... 50 pip stop KINDLY FOLLOW ME FOR MORE IDEAS
Test of Daily trendline. Fake breakout of daily trendline, formation of higher highs and higher lows