GBPCAD SHORT IDEA Key highlights
After price took out the liquidity on buyside in 4hr timeframe , now I'm expecting price to out the liquidity on sellside
Gbpcadsell
💡Don't miss the great sell opportunity in GBPCADTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1.7338).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPCAD is in a downtrend, and the continuation of the downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 32.
Take Profits:
TP1= @ 1.7266
TP2= @ 1.7239
TP3= @ 1.7188
TP4= @ 1.7145
TP5= @ 1.7094
SL: Break Above R2
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LOOKING FOR SELLS ON GBP/CAD Looking at gap/cad we can see that on the long term trend we can see we have been in a range for around a year we can see this on weekly and daily
chart so now we can see we have taken out some liquidty at the top side and we do have a gap on the currency pair which is lower around the 1.68900 but firstly we have to break the 1.72 level I do think we will at least go down to the 1.72 area if broken our next target can be 1.70 then after that we can target the lower gap on the currency pair
We do think that the bullish run in gbp pairs could be over for a bit as we have seen. most gbp pairs fly up from the start of the year I do know believe we can see a pullback meaning all gbp pairs could sell off and out of all of them I think gbp/cad is looking to be like a really nice sell so lets wait and see during the week I will look for a sell down to the 1.72 region
TARGETS :
1.72 = key level of support
1.69 = gap fill currency
I will be looking for sells from a better price
SELL GBPCAD TRIANGLE IS SPOTTED!!We have a triangle pattern formation in GBPCAD daily chart and if our strategy rules are satisfied then we will take a short here for target of 1.73300.
THIS CAN BE A GREAT OPPORTUNITY!! DON'T MISS IT :)
Breakdown from Ascending Broadening WedgeGBPCAD after retracing 38.2% of the 6th May to 12th august trend has now fallen below the ascending broadening wedge pattern, which makes it vulnerable to selling up to 1.60690. The stop loss for the trade will be above the high of the previous session i.e. at 1.63747.
