Hi Guys and Gals,
Here's my analysis of GBPCAD basing it on the daily and 4hour.
I firstly see a reversal move that occured followed by this Spike up and price now moving up (creating higher lows) in this upward sloping channel.
We are currently at the bottom of this channel and i'm looking for long moves to buy.
On the 4 hour time frame, i'm waiting for this next bar to be a bull bar that closes above the high of the previous bar being that doji .
We can look in closer on the smaller time frame also to enter on a tighter entry as the move forms to it's 4 hour bull candle.
There will be more accuracy however if the entry is made on the 4 hour close of candle.
On a bigger scope, we are in a trading range. So i'm looking for price to eventually extend to the top of the range, being approx 600 pips away.
Once price breaks above this channel, i will continue buying. For now though, i will scale into my position from the bottom of this channel to the top. Taking partial profits at the top of the channel and leaving the rest run if momentum takes price above and breaks the upper trend line of this channel. I'll place my stops in a position relatively close, between the midpoint and top of channel, just in case price reverses and goes back down, making that trade idea invalid.
There's also a probability that this upward sloping channel can turn into a trading range of it's own. So we will be wary of that and watch how the bulls and bears interact. :)
I hope this all made sense. If there's any questions please feel free to ask.
If you enjoyed my analysis, please give this idea a LIKE and FOLLOW ME for more even more chart ideas in the future. Thanks so much! :D
Here's my analysis of GBPCAD basing it on the daily and 4hour.
I firstly see a reversal move that occured followed by this Spike up and price now moving up (creating higher lows) in this upward sloping channel.
We are currently at the bottom of this channel and i'm looking for long moves to buy.
On the 4 hour time frame, i'm waiting for this next bar to be a bull bar that closes above the high of the previous bar being that doji .
We can look in closer on the smaller time frame also to enter on a tighter entry as the move forms to it's 4 hour bull candle.
There will be more accuracy however if the entry is made on the 4 hour close of candle.
On a bigger scope, we are in a trading range. So i'm looking for price to eventually extend to the top of the range, being approx 600 pips away.
Once price breaks above this channel, i will continue buying. For now though, i will scale into my position from the bottom of this channel to the top. Taking partial profits at the top of the channel and leaving the rest run if momentum takes price above and breaks the upper trend line of this channel. I'll place my stops in a position relatively close, between the midpoint and top of channel, just in case price reverses and goes back down, making that trade idea invalid.
There's also a probability that this upward sloping channel can turn into a trading range of it's own. So we will be wary of that and watch how the bulls and bears interact. :)
I hope this all made sense. If there's any questions please feel free to ask.
If you enjoyed my analysis, please give this idea a LIKE and FOLLOW ME for more even more chart ideas in the future. Thanks so much! :D
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Tight buy entry on the 5 minute
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I want to see the reaction with this red trendline and also the coloured box above. What i want is a breakout.
What to watch out for rejections around these areas.
What to watch out for rejections around these areas.
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Uptrending momentum looking good at the moment. However we are still in a smaller trading range so bear in mind.
Red trendline moved.
Red trendline moved.
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Reduce risk.
Red highlight not a great sign, however look for the possible bounce off the trendline. This is a trading range so most likely price will come back down to the bottom of the range. www.tradingview.com/x/EKMzzsVj/
Red highlight not a great sign, however look for the possible bounce off the trendline. This is a trading range so most likely price will come back down to the bottom of the range. www.tradingview.com/x/EKMzzsVj/
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Looking for the reversal of this trading range or breakout below to come down and test the broken downtrend line in black.
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or the blue zone underneath.
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Looking for a rejection off of this zone. If price breaks below here then i will look for more potential long moves.
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