Stop is 1.695 and tp towards 1.74, 1.76 and 1.80
Price Retesting previous structure break.Short Pair. FX:GBPCAD
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1. RR is good 2. EMAs looking strong both on 4hrly and 1hrly 3. TDI is in the buy zone with RSI above trendline 4. Price action show bouncing on Structure 5. Hourly chart showing good price action as well Good setup, depending on price action might leave it over the weekend.
GBPCAD bounced off upside confirmation at 1.70664 where it could potentially rise further to 1.71187. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Price action broke consolidation channel a buy limit entry expecting pullback before ut continuation is placed. Great Britain's economy has been showing dampening reports, but technically speaking, this entry displays a UT momentum. A buy-limit entry gives room for the following setup: S/L: 89 pips - R:R | 1:2 - T/P aiming to a previous support level in...
GBPCAD reversed off its resistance at 1.70266 where it could potentially drop further to 1.68984. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
After retesting the support level that wasn't broken and the bullishness with MACD, the setup for a long entry with a buy-limit order is placed. The target level projected for this entry gives enough room to target an R:R | 1:2 with an S/L: 101 pips.
GBPCAD bounced off 1.69795 where it could potentially rise further to 1.71143. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Tuesday, 2nd June 2020 #GBPCAD SELL ENTRY = NOW 1.69600 SL = 1.70000 (-50 PIPS) TP = 1.66950 (+260 PIPS) Disclaimer On PLEASE USE YOUR OWN MONEY MANAGEMENT RULES Your Money is Your Own Responsibility
Update on GBPCAD, still waiting for this break to the downside. Any feedback on analysis would be appreciated.