GBPCAD, 4hr tf, Shoulders head pattern to materialize
Hello my friends,
Another setup for next week is GBPCAD pairs.
Looks like GBP might go down a bit in the coming week as some of GBP pairs crosses making a bearish pattern.
This GBPCAD clearly made a shoulders head pattern and price already broken below the neckline.
We're now going to wait for a retest at 1.7350 area which the neckline of SHS pattern.
Measured objective of this patern are 190 pips.
I am not going to enter right away because it won't yield favorable RR ratio.
Wait for price to retrace around 1.7350 and we will sell from there.
That 1.7350 area not only serve as an area of confluence for resistance but also yielding a 2.5R sell setup.
If price never retrace and contiue going down then we will skip this trade.
Sell limit 1.7350
Stop loss 1.7420
Take profit 1.7175 (2.5R)
RR ratio 1 : 2.5
Use only 1-2% risk
Good luck
Another setup for next week is GBPCAD pairs.
Looks like GBP might go down a bit in the coming week as some of GBP pairs crosses making a bearish pattern.
This GBPCAD clearly made a shoulders head pattern and price already broken below the neckline.
We're now going to wait for a retest at 1.7350 area which the neckline of SHS pattern.
Measured objective of this patern are 190 pips.
I am not going to enter right away because it won't yield favorable RR ratio.
Wait for price to retrace around 1.7350 and we will sell from there.
That 1.7350 area not only serve as an area of confluence for resistance but also yielding a 2.5R sell setup.
If price never retrace and contiue going down then we will skip this trade.
Sell limit 1.7350
Stop loss 1.7420
Take profit 1.7175 (2.5R)
RR ratio 1 : 2.5
Use only 1-2% risk
Good luck