GBPCAD sell setup / ' educational approach '
Updated
I just wanted to update this trade idea, only to realize that I did not share it with you previously. I have many ideas and missed this one. I apologize for that. I am uploading it now more as educational content at the moment, while the final target of 300 pips has been hit.
Technical reasons behind that analysis: Price was obviously trading high in the market, flipping the structure on the 4H chart, and it formed a nice sell zone with many possible targets to the downside. But first, I wanted to see buyers coming in, and you can see the 4H wick did just that, with some buyers entering the market after the sell zone was tapped (that is possible counter trend trade / buy to sell setups ) and real liquidity was realized. It also looked very much like some HTF distribution with price entering into the markdown phase. However, the approach towards the sell zone was not what I liked the most, as it had too strong bullish momentum. Hence, this was not my ideal setup, but it was valid. Also knowing the situation in the UK, obliviously GBP is not to be bougth.
Technical reasons behind that analysis: Price was obviously trading high in the market, flipping the structure on the 4H chart, and it formed a nice sell zone with many possible targets to the downside. But first, I wanted to see buyers coming in, and you can see the 4H wick did just that, with some buyers entering the market after the sell zone was tapped (that is possible counter trend trade / buy to sell setups ) and real liquidity was realized. It also looked very much like some HTF distribution with price entering into the markdown phase. However, the approach towards the sell zone was not what I liked the most, as it had too strong bullish momentum. Hence, this was not my ideal setup, but it was valid. Also knowing the situation in the UK, obliviously GBP is not to be bougth.
Trade closed: target reached
As you saw, target was reached.
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