In this Analysis, I will explain to you my perspective of my bias of why I decided to long the GBPCAD Pair based generally off of the 1H TimeFrame, with help from the 4H and 30M as well. This Position is intended to return around 80 pips or so, and expected to last anywhere from the Current Time I post it to a few days, potentially a week or so. (Please use at your own descression)
Confluence 1 = Price recently Broke out of a Hourlyish Area of Support and fell to a major Daily Area of Previous Resistance and bounced off of it.
Confluence 2 = Had dropped down to 16 at an Area of Major Daily Support, indicating it was extremely oversold and likely to go back up.
Confluence 3 = Divergence was created and is characterized by the Stock Indicator, creating Higher Lows in the “Oversold” Considered area on the indicator, while the Price was creating contradicting Lower lows within the Market.
Confluence 4 = Very Price Action “Tweezer Bottom” like that was created after the price toucher 16 within the , closing well above the previous , indicating that potential momentum is nearby.
I chose the take Profit Areas due to the correlation of price following the next available areas of Support.
Hope you all enjoy! (If you decide you want to take a position but miss the entry, take a position when the price retests)