With GCAD respecting price structure and creating a Descending triangle I am anticipating a break and retest of the highlighted zone for a high probability trade.
Anticipating shift in trend downwards as price action demonstrates a strong momentum swing down. Additionally, MACD + Triple Time Frame RSI provide additional support for my idea
Entered this one at the top of the channel anticipating a bigger move down to complete the 1-2-3 (bigger wave) Looking for 1000+ pips. Divergence also supported this trade.
Technical indicators support downside in the pair. Scope for weakness till 100-DMA.
Support levels - 1.7342 (cloud top), 1.7320 (trendline), 1.7227 (100-DMA)
Resistance levels - 1.7398 (50-DMA), 1.7440 (5-DMA), 1.7511 (23.6% Fib)
Good to go short on upticks, SL: 1.74, TP: 1.7320/ 1.7230
BUY & SELL Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
BUY & SELL Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
I find this strange.
We were a sponge when we were small. We liked to absorb new information and always thirsted for new knowledge.
However, this stops when we are grown. We think self-education is no longer necessary. We will rather go to the battlefield first and if we get hurt, we will come back to learn how to fight.
The courage tank is full but the...
SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Chart time frame - H4
Timeframe 4 - 16hrs
Actions on -
A – Activating Event
Market will meet resistance in zone @1.757 - .... and fall to the 1.736. In order to enter, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market move towards the first Target 1 level @...
FX:GBPCAD The price is on the 61.8% fibo retracement, GBP strength index is lower than CAD strength index and RSI line is being maintained in oversold. The price could reach 61.8xa to complete a gartley harmonic pattern or continue dropping to 161.8 fibo extension of second wave and 78.6xa fibonacci retracement
GBPCAD has fallen to IMP support Level 1.17500..Price is also near to Important trendline support too. My View is Bullish on GBPCAD with the stoploss of 1.74200 FOr the Targtes of 1.76500 and 1.77500
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