andrew-profit-trader-winner
Short

GBPCAD Upward Channel Vs. All Time Significant Level

FX:GBPCAD   British Pound / Canadian Dollar
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Observation:
Price in an upward channel approaches All Time Significant Level.

Analysis:
Market is pressured to decide either to continue bullish or retrace. If retrace, market would think that price is overbought and start to sell. Panic will happen and there would be a strong move downward.

Conclusion:
Small movement downward: since the price hits the dynamic resistance, it is natural for price to seek for the dynamic support to respect the upward channel.
Big movement: if price breaks the upward channel, then and more signals are seen, then look for a big trend going down.
Comment: Next time I will consider also the wick as my Dynamic Resistance on Upward Channel.
Trade closed: stop reached
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