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GBPCAD: Indecision & Two Scenarios Explained πŸ‡¬πŸ‡§πŸ‡¨πŸ‡¦

Short
OANDA:GBPCAD   British Pound / Canadian Dollar

Hey traders,

GBPCAD is approaching an important daily resistance cluster.
Depending on the market reaction to that structure I see two potential scenarios:
  • Bullish
    In case of a daily violation (daily candle close above) of a yellow zone,
    I will expect a bullish continuation to 1.75 level.

  • Bearish
    In case of a bearish breakout of a rising parallel channel on 4H,
    a pullback will be expected to 1.72
    (note that if the price will go above the underlined yellow resistance, the setup will be invalid)

Wait for the needed breakout & follow the market!

❀️Please, support this idea with a like and comment!❀️

Comment: Check my new idea on EURGBP:

Comments

Are you bullish or bearish on GBPCAD?
+1 Reply
Erady_Pascal VasilyTrader
@VasilyTrader, Good idea so far. But looking on the same daily charts with other brokers there's a totally different story with OANDA charts. Try to investigate this.
I'm not sure of the charts to trust!
Reply
olamikeys Erady_Pascal
@Erady_Pascal, brokers at play here. My broker do manipulate the market at times, giving fake price actions. Try and compare multiple chart and know what work best for you
+1 Reply
oneyussuf VasilyTrader
@VasilyTrader, im bearish already losing this trade cause it is still heading north.
Reply
Best post!Thanks a lot
Reply
After taking time to study the gbpcad I noticed the resistance was to strong to be broken, on the 4hours time frame there was the necessary pinbar candle and on the 1hour time frame all available candle bounce back at that zone, I wanted to catch it from the top, so I waited for the long bullish candle to hit the zone again then I sell with more strict stop loss and I am in +170 dollars. However I should have waited for the retest of the trend line but I was just sure it won't break.. Nice analysis @VasilyTrader, good work
Reply
VasilyTrader olamikeys
@olamikeys, For now it looks like the channel is broken and we can even say that it is confirmed now.
So to me the pair looks very bearish
+1 Reply
Great analysis!
Reply
VasilyTrader OptimoomFX
@OptimoomFX, thanks a lot bro!!!
Reply
Simple and Powerful Setup 😍
Reply