GBPCAD - Look for Continuation Short (SCALP) 1:2.8!
Updated
The price action is forming a structured bullish pattern in the HTF, supported by the major trendline. However, the price failed to break the monthly resistance and closed lower than the HTF candle.
If the market moves in our favor, it may react at the order block within the Supply Zone (DBD) on the lower time frame (LTF), presenting a potential scalp short opportunity with an R
of 1:3, supported by the Fibonacci Retracement. The target would be the nearest Demand Zone before the bullish trend continues, assuming the trendline remains intact.
This setup is high-risk since we're trading against the major trend. However, it's important to remember that there are often smaller trends within the larger trend.
Disclaimer:
This is simply my personal technical analysis, and you're free to consider it as a reference or disregard it. No obligation! Emphasizing the importance of proper risk management—it can make a significant difference. Wishing you a successful and happy trading experience!
If the market moves in our favor, it may react at the order block within the Supply Zone (DBD) on the lower time frame (LTF), presenting a potential scalp short opportunity with an R
of 1:3, supported by the Fibonacci Retracement. The target would be the nearest Demand Zone before the bullish trend continues, assuming the trendline remains intact.
This setup is high-risk since we're trading against the major trend. However, it's important to remember that there are often smaller trends within the larger trend.
Disclaimer:
This is simply my personal technical analysis, and you're free to consider it as a reference or disregard it. No obligation! Emphasizing the importance of proper risk management—it can make a significant difference. Wishing you a successful and happy trading experience!
Trade closed manually
Price has broken the nearest resistance and formed a bullish structure. It may rebound at the major resistance level of 1.7745 before continuing upward. I'll keep an eye on this setup.
Trade active
Recovery plan, let's see how it goes.
Trade closed manually
The recovery plan didn't work out, but that's okay. All risks were calculated, and emotions were kept in check. Time to move on to the next opportunity!
_S.Fx_
Disclaimer
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