GBPCAD - 60min Timeframe - Update on Potential Short Opport.ies
Following our daily and weekly timeframe overviews (www.tradingview.com/...Short-Opportunities/), we believe that a potential huge movement to the downside could commence any time now, on the GBPCAD pair.
As it is pushing further to the upside, we have to consider that it not only has broken the top on the daily timeframe, completing the corrective structure, but it is also building up divergence: a clear sign that the upside will be limited and, at some point, will have to stop. We strongly recommend not to enter any short position while it is climbing, nor putting any sell orders at defined levels. In fact, we don't know exactly where the current climb will stop.
In these scenarios, the best strategy is given by a conservative approach: wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
As it is pushing further to the upside, we have to consider that it not only has broken the top on the daily timeframe, completing the corrective structure, but it is also building up divergence: a clear sign that the upside will be limited and, at some point, will have to stop. We strongly recommend not to enter any short position while it is climbing, nor putting any sell orders at defined levels. In fact, we don't know exactly where the current climb will stop.
In these scenarios, the best strategy is given by a conservative approach: wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.