TECHNICALS:
Weekly:
The weekly has recently bounced off a major weekly support zone at around 1.59000.
Daily:
On the daily, we can see that the previous lower high has been broken and a new higher high has formed. From here we can assume that price has reversed and the descending trendline has brokenb and been retested. We want to jump in to this move and catch it.
4HR:
On the short term 4hr charts, we can see the ascending trendline, where price has sucessfully bounced off it. A new formed resistance which was broken will soon be retesed as support, where the ascending trendline is. Additionally, if we place a fib retracement, we can see that the 50 fib level is around that level.
Therefore, I will be placing a buy limit around that area.
FUNDAMENTALS:
GBP:
- NONE
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
Weekly:
The weekly has recently bounced off a major weekly support zone at around 1.59000.
Daily:
On the daily, we can see that the previous lower high has been broken and a new higher high has formed. From here we can assume that price has reversed and the descending trendline has brokenb and been retested. We want to jump in to this move and catch it.
4HR:
On the short term 4hr charts, we can see the ascending trendline, where price has sucessfully bounced off it. A new formed resistance which was broken will soon be retesed as support, where the ascending trendline is. Additionally, if we place a fib retracement, we can see that the 50 fib level is around that level.
Therefore, I will be placing a buy limit around that area.
FUNDAMENTALS:
GBP:
- NONE
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
Trade closed: stop reached:
Unfortunately, I messed up my TL and failed to fix it, hence my SL being hit and the trade not being placed in the correct SL area. It happens.