Recall us looking at this pair a few years back for a long term position but we went with eurcad as it was more developed n man it tanked as expected…
Back to gbpcad
What was seen then is still seen now.
As this segment in blue we seen a divider- structure that splits momentum
Here from a bearish drop into a bullish drop !!
As the range of accumulation ( black box) was what we seen but we wanted conviction..
And we may have just got that 3 months ago with this bullish hammer like pin bar…
Now looking at the market I’ll b discuss in it at the team meeting for a buy position if the market give a positive retest of the move. Yet tbh I don’t like to buy hammers that retrace pass the body! As price looks weak but that doesn’t mean nothing cus it can be weak as this will discourage traders from buying it cheaply as it entry the range ( where price is balanced) . But I want to see the range except price and we’ll look to buy the bottom of the range or a retest of the hammer and see what happens. We’ll add if price give us a positive break out the range high with good vol n momentum
Back to gbpcad
What was seen then is still seen now.
As this segment in blue we seen a divider- structure that splits momentum
Here from a bearish drop into a bullish drop !!
As the range of accumulation ( black box) was what we seen but we wanted conviction..
And we may have just got that 3 months ago with this bullish hammer like pin bar…
Now looking at the market I’ll b discuss in it at the team meeting for a buy position if the market give a positive retest of the move. Yet tbh I don’t like to buy hammers that retrace pass the body! As price looks weak but that doesn’t mean nothing cus it can be weak as this will discourage traders from buying it cheaply as it entry the range ( where price is balanced) . But I want to see the range except price and we’ll look to buy the bottom of the range or a retest of the hammer and see what happens. We’ll add if price give us a positive break out the range high with good vol n momentum