GBPCAD 1h Rising Wedge (Bearish Continuation)
Updated
As you can see on the chart we have 3 major confluences.
Once we see a breakout of this rising wedge I would recommend placing a sell order with SL above the highest-high of the rising wedge, and your TP at wherever you feel like the market will push to.
- Test and Rejection of 200MA (This shows us that we are in a bearish market right now)
- Decreasing Volume
- We are also in a long term downtrend which shows us that overall this pair is going to go down
Once we see a breakout of this rising wedge I would recommend placing a sell order with SL above the highest-high of the rising wedge, and your TP at wherever you feel like the market will push to.
Note
Good job to anybody who took this. Sentiment on this pair was net long and the banks took it the other way, which was another major confluence. I cashed out on this one early because I don't want to have too many positions open at once, +77 pips.
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