Let's delve into the GBP/CAD currency pair as we approach the end of the night. 🌙
On the four-hour timeframe, after a robust uptrend and a test of the daily resistance line at 1.73398, we experienced a rejection, signaling a corrective phase. 📉
Moreover, within this timeframe, we observe a four-hour trend that broke down after the correction. Upon the activation of the 4-hour trigger at 1.72211, confirmation would enable us to consider initiating a short position. ⚠️
The potential targets for this trend could be around 1.71316. However, my strategy doesn't necessarily require specific target levels but rather focuses on risk management and potential rewards. 🎯
As for long positions, it's advisable to wait for further developments, possibly beyond the line at 1.72597, before considering entry. 🛑
Keep an eye on the forex market news throughout the week. I recommend daily monitoring for any updates. 📊🔍
Stay vigilant and remember, trade wisely!💡
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.💼
You're doing some pretty detailed work on GBP/CAD—nice one!
Love the way you've mapped the uptrend and caught the test of daily resistance at 1.73398. Spotting that rejection and switching gears towards a possible short is a slick move. Have you noticed any particular candlestick patterns at that rejection that bolstered your decision? Keep those charts and coffee coming, looks like you're onto something good! Just be ready to pivot if the market throws a curveball.
RealMRA
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@FXCM, Thank you for your insight. Yes, however, in my strategy, after the trendline break, I'll wait for the trigger line to break and won't consider potential trend changes. I'll stick with the trend.
TheFxAce
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Your thorough analysis suggests that a cautious approach to the market is wise.
RealMRA
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@TheFxAce, Exactly, we're simply following the trend and staying consistent based on our strategy.
Love the way you've mapped the uptrend and caught the test of daily resistance at 1.73398. Spotting that rejection and switching gears towards a possible short is a slick move. Have you noticed any particular candlestick patterns at that rejection that bolstered your decision? Keep those charts and coffee coming, looks like you're onto something good! Just be ready to pivot if the market throws a curveball.