GBP-CAD
Weekly Structure - Downtrend
Daily Structure - Downtrend
GBP-CAD has been in a downtrend since 9th of March. The price has now recover and broke the descending trendline (black line). We had two waves and price has been rejected on 1.71000 creating a double top . The price have been pushed lower and and have now broke the ascending trendline and pullback to test the ascending trendline . He may see price move lower again back to 1.66500 (strong level of support).
We also have divergence on RSI (indicating bearish movement)
TP1 - 1.69200
TP2 - 1.67500
TP3 - 1.66500
SL - 1.71141
R/R - 4.2
Good Luck!!!
Daily Structure - Downtrend
GBP-CAD has been in a downtrend since 9th of March. The price has now recover and broke the descending trendline (black line). We had two waves and price has been rejected on 1.71000 creating a double top . The price have been pushed lower and and have now broke the ascending trendline and pullback to test the ascending trendline . He may see price move lower again back to 1.66500 (strong level of support).
We also have divergence on RSI (indicating bearish movement)
TP1 - 1.69200
TP2 - 1.67500
TP3 - 1.66500
SL - 1.71141
R/R - 4.2
Good Luck!!!
Note
Trade Closed - Stop Loss Hitted - 88 Pips LossNote
Stop Hunt at 1.71000 level going up to 1.71500 and crash into the initial target. Next time will be better.
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