GBPCAD Analysis. Swing Trade Signal!
Hello everyone i want share my idea about GBPCAD.
At the pair on higher timeframe we first we had some pretty bullish movement which brake resistance at 1.685, for me that zone is interested price, for that i used my Fibonacci toll which helped me to identify this zone and if we look at the price movement we see some strong reaction first touch was aggressive buy, but then sellers were stronger and drop down the price where took liquidity and came up. with that movement i saw now we have more buyers than sellers, the buyers active at my marked support and Fibonacci high volume zone for the reason i decide to long this pair and for that i have some scenes, where i am right and where i am wrong.
Scene 1 - price has high reaction from buyers at the level and going higher with strong movement.
Scene 2 - price coming down strong which has high rection from buyers at Fibonacci 88.60 LVL and going strong up with strong movement, with it it taking liquidity and more buyers opening long positions.
Scene 3 - Price don't have reaction from buyers its coming down to 88.60 Fibonacci LVL, there are more sellers than buyers and price continue fall, at the moment i am completely wrong and getting stop.
My reward ratio here is 1:5 if i will be right.
Open long position-1.6865
Stop Loss - 1.67600
Take profit - Trend following.
I am risking at the trade 2%!!
ALWAYS MANAGE YOUR RISK AND MAKE YOUR OWN RESEARCH!!!
At the pair on higher timeframe we first we had some pretty bullish movement which brake resistance at 1.685, for me that zone is interested price, for that i used my Fibonacci toll which helped me to identify this zone and if we look at the price movement we see some strong reaction first touch was aggressive buy, but then sellers were stronger and drop down the price where took liquidity and came up. with that movement i saw now we have more buyers than sellers, the buyers active at my marked support and Fibonacci high volume zone for the reason i decide to long this pair and for that i have some scenes, where i am right and where i am wrong.
Scene 1 - price has high reaction from buyers at the level and going higher with strong movement.
Scene 2 - price coming down strong which has high rection from buyers at Fibonacci 88.60 LVL and going strong up with strong movement, with it it taking liquidity and more buyers opening long positions.
Scene 3 - Price don't have reaction from buyers its coming down to 88.60 Fibonacci LVL, there are more sellers than buyers and price continue fall, at the moment i am completely wrong and getting stop.
My reward ratio here is 1:5 if i will be right.
Open long position-1.6865
Stop Loss - 1.67600
Take profit - Trend following.
I am risking at the trade 2%!!
ALWAYS MANAGE YOUR RISK AND MAKE YOUR OWN RESEARCH!!!
Comment:
Price action was good when New York session started but it got rejection from sellers and it still come down, i think if i am right i need to get ready for scene 2 which will active new stronger buyers. If buyers will not active then i will get stop or i will close manually in lose this trade.