GBPCAD has been bullish.
We ideally should be looking for buy setups but this institutional swing high is giving us an opportunity to ride the price back to the order block left by the institutions (Circled in yellow).
The expectation is they will return there to rebalance books after taking out shorts. Will keep an eye out to see if they will buy from the order block again.
TP1 - is the 50% of the 4 hour Institutional candle. Price usually returns to at least 50% of a big move like this
TP2 - is the 61.8% of the swing up move. This is the golden ratio which also coincides with structure.
TP3 - is the order block
99pips on target
Trade with caution and risk management. Nothing is guaranteed
We ideally should be looking for buy setups but this institutional swing high is giving us an opportunity to ride the price back to the order block left by the institutions (Circled in yellow).
The expectation is they will return there to rebalance books after taking out shorts. Will keep an eye out to see if they will buy from the order block again.
TP1 - is the 50% of the 4 hour Institutional candle. Price usually returns to at least 50% of a big move like this
TP2 - is the 61.8% of the swing up move. This is the golden ratio which also coincides with structure.
TP3 - is the order block
99pips on target
Trade with caution and risk management. Nothing is guaranteed
Trade active