POTENTIAL SHORT TRADE SET UP FOR GBPCAD
Analysis: Utilizing chart patterns, highs & lows, and impulses & corrections, the focus is on identifying a continuation corrective structure following a breakout.
Entry:
The price advanced toward the previous swing high zone, supported by an ascending structure on the higher time frame (HTF), before sharply declining from the swing high area. Following this, the price broke below the inner ascending structure, confirming a bearish reversal. After a brief pullback on the mid-time frame, it formed a bearish continuation pattern. We are now considering an entry based on a small bearish continuation structure, targeting the immediate swing low and, subsequently, the base of the ascending structure.
Expectation:
A downward move is expected, with the initial target at the immediate swing low, followed by the base of the ascending structure.
⚠️ Reminder: Conduct your own analysis and implement proper risk management, as forex trading carries no guarantees. This is a high-risk endeavor, and past performance does not predict future outcomes. Trade responsibly!
Entry:
The price advanced toward the previous swing high zone, supported by an ascending structure on the higher time frame (HTF), before sharply declining from the swing high area. Following this, the price broke below the inner ascending structure, confirming a bearish reversal. After a brief pullback on the mid-time frame, it formed a bearish continuation pattern. We are now considering an entry based on a small bearish continuation structure, targeting the immediate swing low and, subsequently, the base of the ascending structure.
Expectation:
A downward move is expected, with the initial target at the immediate swing low, followed by the base of the ascending structure.
⚠️ Reminder: Conduct your own analysis and implement proper risk management, as forex trading carries no guarantees. This is a high-risk endeavor, and past performance does not predict future outcomes. Trade responsibly!
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.
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.