GBPCAD (288m): DT TECHNICAL ANALYSIS
TREND OVERVIEW
The current structure indicates a downtrend after reaching a recent pivot high. Price is reacting to key resistance zones, with multiple sell orders placed at strategic levels. The GBPCAD 288m chart highlights a well-defined trade structure with clear resistance and support zones. A short position remains favorable unless price breaks and holds above 1.8001. Watch for reactions at mid-pivot and TP zones to gauge momentum. Stay patient and trade with discipline.
KEY LEVELS & TRADE SETUP
ANALYSIS & OUTLOOK
TRADING STRATEGY
The current structure indicates a downtrend after reaching a recent pivot high. Price is reacting to key resistance zones, with multiple sell orders placed at strategic levels. The GBPCAD 288m chart highlights a well-defined trade structure with clear resistance and support zones. A short position remains favorable unless price breaks and holds above 1.8001. Watch for reactions at mid-pivot and TP zones to gauge momentum. Stay patient and trade with discipline.
KEY LEVELS & TRADE SETUP
- Sell Zones:
- Primary Sell Order: 1.7920
- Secondary Sell Order: 1.7974
- Pivot High Stop Loss: 1.8001
Take Profit Levels (Short Positions):
* TP 1: 1.78165
* TP 2 (Mid Pivot): 1.77297
* TP 3: 1.76657
* TP 4: 1.75668
Buy Zones (Potential Reversal Areas):
* Primary Buy Order: 1.75430
* Secondary Buy Order: 1.74853
* Pivot Low Stop Loss: 1.74582
ANALYSIS & OUTLOOK
- Price action suggests a potential shorting opportunity near the pivot high.
- If price rejects resistance levels, expect downside continuation towards mid-pivot and lower TP targets.
- Buyers may step in near 1.75430, but further confirmation is required before a reversal is confirmed.
- Stop-loss placement at 1.80011 ensures protection against trend invalidation.
TRADING STRATEGY
- Bearish Bias: Look for short entries at sell order levels with TP at 1.76657 and below.
- Bullish Recovery Zone: Potential long setup near 1.75430 if bullish momentum develops.
- Risk Management: Maintain discipline by adhering to stop-loss placements to mitigate risk.
Professor C. E. Ward
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.
Professor C. E. Ward
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.