GBPCAD POTENTIAL REVERSAL TRADE
Hey everyone! Hope you guys are having a blessed weekend so far! GOD is good! I just wanted to get on here and make a post and potential future trade setup for you guys to keep an eye on. So lets dive in!
OK so the pair I'm doing analysis on here is the GBP (Great British Pound) paired against the CAD (Canadian Dollar). I don't trade this pair very often but it is posing a potential opportunity that I just couldn't ignore! So the nature of this trading opportunity is a reversal trade setup, since this pair has been downtrading on the hourly timeframes for some time now. But as you can see price is coming down into a fresh demand level, that in the past, had created a strong move to the upside with! Now as you notice I'm not expecting some 3000 pip move to the upside breaking highs, etc. etc. I am just expecting what I call a "reaction" from this level of demand because the market has eb n flow and has been selling off so sharply that I figured it needs to bring some buyers into market to create balance and/or orders for continuations down!
I am a reversal trader by nature, it fits my personality best so these are the type of setups I wait for. As you can see it is on the daily timeframe so patience is a big factor also! So stay patient, keep your eyes out, and watch for a reaction from this highly probable zone of demand!
Hope this helps you guys and can be confirmation for what you already see or potentially a light bulb moment to take some opportunities from these levels. If you guys like this and the content I'm posting give me a boost, shoot me a follow, and enjoy for more highly probable trade setups!
Cheers! God Bless!
OK so the pair I'm doing analysis on here is the GBP (Great British Pound) paired against the CAD (Canadian Dollar). I don't trade this pair very often but it is posing a potential opportunity that I just couldn't ignore! So the nature of this trading opportunity is a reversal trade setup, since this pair has been downtrading on the hourly timeframes for some time now. But as you can see price is coming down into a fresh demand level, that in the past, had created a strong move to the upside with! Now as you notice I'm not expecting some 3000 pip move to the upside breaking highs, etc. etc. I am just expecting what I call a "reaction" from this level of demand because the market has eb n flow and has been selling off so sharply that I figured it needs to bring some buyers into market to create balance and/or orders for continuations down!
I am a reversal trader by nature, it fits my personality best so these are the type of setups I wait for. As you can see it is on the daily timeframe so patience is a big factor also! So stay patient, keep your eyes out, and watch for a reaction from this highly probable zone of demand!
Hope this helps you guys and can be confirmation for what you already see or potentially a light bulb moment to take some opportunities from these levels. If you guys like this and the content I'm posting give me a boost, shoot me a follow, and enjoy for more highly probable trade setups!
Cheers! God Bless!
Comment:
seeing nice reaction from demand!
Comment:
GBPCAD nice momentum, up over 300 pips from the demand zone, cheers!
Comment:
GBPCAD still moving higher
Comment:
GBPCAD reaching target zone! Cheers!
Trade closed: target reached:
TP1 reached congrats to who took this!