Long potential setup GBPCAD
On the 4hr chart the GBPCAD established a low in the 1.59600 zone.
Price moved from this area to make a high in the 1.66800 zone.
Since 20 September 2019 price dropped over 360pips from the 1.66800 zone,
just to meet support in a zone which was formed on 23 August 2019.
All of the above now provides a good landscape to consider long entries on the #GBPCAD.
OUTLOOK AS FOLLOWS:
FUNDAMENTAL: #Brexit seems to be in the process of feeding through potential positive news after the PM suffered yet another legislative defeat.
PRICE: #GBPCAD price is now poised to move from the 1.63900 zone to the 1.67000 zone, that is over 310 potential pips! as a minimum....
TECHNICAL: #Ichimoku Tenkan and Kijun - sen crossed to the north on the 15 minute time frame.
ENTRY: In the 1.63600 – 1.63300 area
STOP LOSS: 30-50 pips
RISK: 1-1.5% of equity
EXIT: 1.6680 or apply trailing stop of 50 pips
Remember, anything can happen, and it usually does.
Price moved from this area to make a high in the 1.66800 zone.
Since 20 September 2019 price dropped over 360pips from the 1.66800 zone,
just to meet support in a zone which was formed on 23 August 2019.
All of the above now provides a good landscape to consider long entries on the #GBPCAD.
OUTLOOK AS FOLLOWS:
FUNDAMENTAL: #Brexit seems to be in the process of feeding through potential positive news after the PM suffered yet another legislative defeat.
PRICE: #GBPCAD price is now poised to move from the 1.63900 zone to the 1.67000 zone, that is over 310 potential pips! as a minimum....
TECHNICAL: #Ichimoku Tenkan and Kijun - sen crossed to the north on the 15 minute time frame.
ENTRY: In the 1.63600 – 1.63300 area
STOP LOSS: 30-50 pips
RISK: 1-1.5% of equity
EXIT: 1.6680 or apply trailing stop of 50 pips
Remember, anything can happen, and it usually does.
Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.