$GBP/CAD have been trading real bearish printing lows since 24th June from 1.5954 all the way down to currently at 1.5678 breaking all the major price levels at 1.5789 and 1.5705 , before settling at at 1.5607 and reversing to test the previous highs ( take a look at the attached chart ) , so with the current price trading under 1.5705 which by the is a strong supply zone where the price previously rejected many time , so i expect the price to continue it's bearish run all the way to the down price levels.
as for my trading setup since the price is bearish and trading under that strong zone it's obvious to look for sells from under that same level, so a short from the current price at 1.5680 is a good short , targeting 1.5607 (75 pips) and 1.5527 (150 pips ) and placing a stop loss above the strong zone and precisely at 1.5737.
a break and a candles close above the strong demand zone is likely to take the price the upper price levels , so as sellers we don't want to stay in the sell side when it happen .
if you plan to trade this setup I need to remind you to use a proper money management , I suggest to use from 1% to 2% per trade .
that said I wish you a good trade and I'll see you in the next posts . if you like the post please support it by liking/commenting it and if you are new around here hit the follow button so you don't miss any upcoming setup .
as for my trading setup since the price is bearish and trading under that strong zone it's obvious to look for sells from under that same level, so a short from the current price at 1.5680 is a good short , targeting 1.5607 (75 pips) and 1.5527 (150 pips ) and placing a stop loss above the strong zone and precisely at 1.5737.
a break and a candles close above the strong demand zone is likely to take the price the upper price levels , so as sellers we don't want to stay in the sell side when it happen .
if you plan to trade this setup I need to remind you to use a proper money management , I suggest to use from 1% to 2% per trade .
that said I wish you a good trade and I'll see you in the next posts . if you like the post please support it by liking/commenting it and if you are new around here hit the follow button so you don't miss any upcoming setup .