I am new to trading and recently started to publish my analysis. Any advice or feedback is welcome via comments or in the chat. Looking for opportunities to learn new information & techniques.
I have done some analysis on the GBP/CAD . The analysis has been done on the 1 hour candlestick chart with the trendline being drawn on the 4hr and I will be keeping an eye on this pair.
There is a strong resistance line 1.777 which has been tested around 5/6 times. This is where you can also see a triple top forming. Which is a signal for the price to start to go down.
It has touched the trendline three times over the past week and also the resistance line.
I would place my: SL @ 1.782 TP @ 1.760 lets see how this plays out
Trade closed: target reached
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As you can see the TP was smashed I may have had my TP a little to tight but over all a good trade if may say so myself
Spot on this mate. I can see why you placed your TP where you did and there is nothing wrong with it and with experience you will learn more about its placement. Eitherway just remember that your TP would have been hit that is then profits secured and yours.