GBPCAD BULISH
or a bullish trade on GBPCAD, here’s an explanation of targeting the 61.8% Fibonacci level for take profit, or aiming for a full retracement to 1 (or 100%).
61.8% Fibonacci Level as Take Profit:
When prices are moving upward and you’re looking for a take-profit zone, the 61.8% Fibonacci retracement level often serves as a strong resistance area within a retracement move.
In a bullish context, if price hits the 61.8% level and shows signs of stalling, it may be an optimal spot to take profit. Many traders use this level as a key decision point because it often represents a deeper pullback where sellers might re-enter, or where the bullish move might exhaust temporarily.
100% (or "1") Retracement Level:
If your outlook is more aggressively bullish, you might aim for a complete retracement back to the previous high, or 100%. This "1" level (representing the full retracement) would indicate that GBPCAD has completely reversed any previous pullback and resumed its full upward momentum.
In practical terms, this can signal strong buyer control and confidence, as prices have returned to their prior highs, indicating the possibility of either consolidation at these levels or further bullish continuation.
61.8% Fibonacci Level as Take Profit:
When prices are moving upward and you’re looking for a take-profit zone, the 61.8% Fibonacci retracement level often serves as a strong resistance area within a retracement move.
In a bullish context, if price hits the 61.8% level and shows signs of stalling, it may be an optimal spot to take profit. Many traders use this level as a key decision point because it often represents a deeper pullback where sellers might re-enter, or where the bullish move might exhaust temporarily.
100% (or "1") Retracement Level:
If your outlook is more aggressively bullish, you might aim for a complete retracement back to the previous high, or 100%. This "1" level (representing the full retracement) would indicate that GBPCAD has completely reversed any previous pullback and resumed its full upward momentum.
In practical terms, this can signal strong buyer control and confidence, as prices have returned to their prior highs, indicating the possibility of either consolidation at these levels or further bullish continuation.
Trade closed: target reached
OBJECTIVE REACHED
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.