Double Bottom on GBP/CAD @ W1
After failing a descending triangle, the double-bottom pattern on the weekly chart of GBP/CAD may produce a bullish breakout trade. The bottoms and the "neckline" are marked with the yellow lines. My potential entry is located at the cyan line. My potential take-profit level is at the green line. I will use the low of the breakout candle as my stop-loss level (not shown on the chart).
Trade active
Long trade entered at 15:24 UTC yesterday. Entry = 1.80527, SL = 1.76160, TP = 1.98666.Trade closed: stop reached
SL @ 1.76160 triggered yesterday at 16:08 UTC.
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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.
You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
Related publications
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.