Wishing everyone a great Sunday with this swing setup on GBPCAD.
On the daily timeframe we see a clear downtrend with a trend line which was touched two times now. We expect price to reach this level in combination with the 0.5 fib level, where we would enter a short with a minimum drawdown of like 150 pips. Take profits should stay way more down with over 1000 pips at the last low (where the bullish uptrend started). Risk reward is over 5. The last two daily candles from now are wicks so lets keep an eye closely to price in the next days. i will keep you updated if the trade is active.
On the daily timeframe we see a clear downtrend with a trend line which was touched two times now. We expect price to reach this level in combination with the 0.5 fib level, where we would enter a short with a minimum drawdown of like 150 pips. Take profits should stay way more down with over 1000 pips at the last low (where the bullish uptrend started). Risk reward is over 5. The last two daily candles from now are wicks so lets keep an eye closely to price in the next days. i will keep you updated if the trade is active.
Trade active:
Price reached zone yesterday. We shorted and daily candle reversed.
Comment:
Trade perfectly retraced from entry. Next week we will see a lot more downside.
Trade active:
We are in profit. You see that big Daily red candle ?
