GBPCAD - 4hr Timeframe - Short Opportunity
Following our daily timeframe overview (www.tradingview.com/...-Timeframe-Overview/), we are currently monitoring the
GBPCAD
pair very closely, as it could give us soon an extremely good short opportunity which should not be missed. On the daily and weekly timeframes, in fact, we are expecting a big movement that will take the pair to the 1.64 area minimum and potentially much further down. The pair already gave us one small short entry area, however not an easy one as one had to recognise that the price action was making an irregular - running flat type pattern. In any case, the pair is currently exactly where we want it to be and doing exactly what it needs to do for us to begin to monitor it closely and keep our eyes open for a sell opportunity. In fact, it has begun consolidating right around the trend line, which is extremely good news for us: if this consolidation continues to build up correctly, it will be sign that the pair is gaining momentum for a further drop to the downside, and we will be certainly taking this trade. From this moment on, therefore we will be following said correction and waiting for it to break, selling the break of it with a stop loss above the correction, to maximize our R/R ratio. Watch out and don't enter the trade too soon: the pair could consolidate but then reverse and go for one last upwards move within the same corrective structure, before the big drop to the downside on the daily - we have marked with a bright green box where the price action has behaved exactly in this manner, for your reference.
Updates will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
GBPCAD
pair very closely, as it could give us soon an extremely good short opportunity which should not be missed. On the daily and weekly timeframes, in fact, we are expecting a big movement that will take the pair to the 1.64 area minimum and potentially much further down. The pair already gave us one small short entry area, however not an easy one as one had to recognise that the price action was making an irregular - running flat type pattern. In any case, the pair is currently exactly where we want it to be and doing exactly what it needs to do for us to begin to monitor it closely and keep our eyes open for a sell opportunity. In fact, it has begun consolidating right around the trend line, which is extremely good news for us: if this consolidation continues to build up correctly, it will be sign that the pair is gaining momentum for a further drop to the downside, and we will be certainly taking this trade. From this moment on, therefore we will be following said correction and waiting for it to break, selling the break of it with a stop loss above the correction, to maximize our R/R ratio. Watch out and don't enter the trade too soon: the pair could consolidate but then reverse and go for one last upwards move within the same corrective structure, before the big drop to the downside on the daily - we have marked with a bright green box where the price action has behaved exactly in this manner, for your reference. Updates will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.