GBPCAD on the 4h chart reached as expected the daily support at the 1.53500 area. The price tested the area 2 times creating double bottom over the support and can now look for some short time retracement to upside even though the main trend remains bearish on the weekly timeframe .
How can i approach this scenario?
I will wait for the London market open and check for a possible move to the upside. If the price will then break above the descending trendline i will look for a nice long order according to the Plancton's Academy rules.
––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.