Gbp-cad
GBPCAD bounces over the 0.618 🦐GBPCAD on the 240 min chart after the last impulse retraced back until the 0.618 Fibonacci level.
The price from there started a new impulse to the upside and now is consolidating below a monthly structure.
IF the market will break above, according to Plancton's strategy, we will set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
See GBPCAD!See daily chart - we expect an increase!
See H4 chart - we expect an increase!
See H1 chart - we expect an increase!
See the M30 chart - expect it to close above the resistance to buy up to 1.7707.
Higher values can be expected for a longer time.
The situation fail when the previous bottom breaks!
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GBPCAD Looks Good After a Lower OpenAfter opening lower than Friday's close GBPCAD has made a nice run back up to the bottom of its 2 day range. Now that those lows have been swept, I expect that there is opportunity for the pair to go on a nice run. From a fundamental aspect, The Pound has taken a breather after a rather dominant 2020 however, paired against the Canadian dollar I expect for it's strength to continue with new Oil regulations specifically coming into the US, impacting the broader North American Economy. Theses regulations will likely continue cause disruptions in the economy worldwide in the next few months, however based on the fact that Canada will receive direct impact, they are a lot more susceptible to weaker currency comparative to that of Britain whose primary oil provider is Norway.
Beyond fundamental analysis I’d like to share some informative knowledge about the importance of following currency strength and sentiment. I am forecasting this long continuation for EURCHF based off knowing major currency strength and sentiment.
I forecast EUR to be third for currency strength and sentiment among major currencies to open the market. I can summarize this by observing CAD being the strongest currency as all major currencies against CAD are selling off (including JPY pairs which is second as EUR is correcting to sell off against JPY)
I know CHF is weak as EUR broke key resistance against CHF into a buy off. CHF buyers pumped its pairs to higher resistance followed by huge pivots across the board (most noticeably CHFJPY). Furthermore I am forecasting USD being weaker than EUR as we saw USDCHF dump to end the weak. Now we have accurate placements for strongest To weakest for half the major pairs CAD, JPY, EUR, CHF, USD to start.
Now I take a look at GBP and see it is selling off against CHF while EURGBP pivoted off a major support. Furthermore GBP is in a clear sell off against CAD, JPY and USD. Now our strength and sentiment placement is CAD, JPY, EUR, CHF, USD, GBP.
Our remains major currencies AUD and NZD are the weakest in strength and sentiment. Both currencies are selling off against all major currencies however AUDNZD is looming at a key support. A pivot and continuation will dub NZD the weakest. A breach through support will dub AUD the weakest. GBP is also in a volatile state against both currencies leaving the possibility of GBP being the weakest pending the trend play outs.
This is super detailed so please ask questions and comment. I feel like this is a great fundamental strategy for all to learn. Thank you.
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What is a Range-Bound Market?
A range-bound market is one in which price bounces between a specific high price and a low price.
The high price acts as a major resistance level in which price can’t seem to breakthrough.
Likewise, the low price acts as a major support level in which price can’t seem to break as well.
The market movement could be classified as horizontal, ranging , or sideways.
A range-bound market is the opposite of a trending market.
In a range-bound market, there is no clear direction.
How to trade Range-Bound Market?
1- Trading Major Support and Resistance:
Traders capitalize on range-bound trading by repeatedly buying at the major support level and selling at the major resistance level until the security breaks out from a price channel.
The idea is that the price is more likely to rebound from these levels than break through them, which puts the risk-to-reward ratio in their favor, although it's important to always watch for a potential breakout .
Technical indicators, such as the relative strength index (RSI), can be used to confirm overbought and oversold conditions when price oscillates within a trading range.
For example , a trader could enter a long position when the price is trading at major support and the RSI gives an oversold reading below 30. Alternatively, the trader may decide to open a short position when the RSI moves into overbought territory above 70.
Most traders place stop-loss points just below the major support level and above the major resistance level to mitigate the risk of heavy losses from a high volume breakout.
2- Trading Breakouts:
Traders can enter in the direction of a breakout from a trading range. To confirm the move is valid, traders should use other indicators, such as volume and price action .
For instance, there should be a significant increase in volume on the initial breakout , as well as several closes outside the trading range. Instead of chasing the price, traders may want to wait for a retracement before entering a trade.
For example , a buy limit order could be placed just above the top of the trading range, which now acts as a support level.
A stop-loss order could sit at the opposite side of the trading range to protect against a failed breakout.
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💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.7307). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 36.
Take Profits:
TP1= @ 1.7197
TP2= @ 1.7132
TP3= @ 1.7050
TP4= @ 1.6952
TP5= @ 1.6806
SL: Break Above R2
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💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.7307). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 36.
Take Profits:
TP1= @ 1.7197
TP2= @ 1.7132
TP3= @ 1.7050
TP4= @ 1.6952
TP5= @ 1.6806
SL: Break Above R2
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Buy GBPCAD Trend trading analysis we can see its starting to break out of its support and resistance zone and bulls are looking very bullish . Showing good indications for the bears to weaken even more as the red candlesticks getting smaller and smaller in this time period we are viewing it even though we have 4 or 5 long red candlesticks apart from that lets go bulls!!!
GBPCAD on the 0.618 🦐GBPCAD on the 4h chart is moving within a descending channel.
The price yesterday fall sharply until the 0.618 Fibonacci retracements and now testing a support.
If the price will break above, according to Plancton's strategy we can set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Leave a comment that is helpful or encouraging. Let's master the markets together
GBP/CAD - What to expect on a Daily ChartGood morning traders, today we bring you a mid/long term analysis on the GBP/CAD pair.
🔸The price has been moving in a range for more than a year.
🔸Although the range is wide and we can draw various supports and resistances, we select the most immediate ones in which the price can find reversal zones.
🔸A few days ago, there was a rebound in the resistance zone, and if we take the previous situations, we should see a bearish move towards the support zone in the next few weeks. It is a journey of approximately 500 pips.
🔸Of course we cannot rule out the idea of a breakout of the Resistance zone, and if that happens, the next Resistance zone is around 250-300 pips away.
💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.738). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 34.
Take Profits:
TP1= @ 1.7290
TP2= @ 1.7235
TP3= @ 1.7185
TP4= @ 1.7120
TP5= @ 1.7048
SL: Break Above R2
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💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.738). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 34.
Take Profits:
TP1= @ 1.7290
TP2= @ 1.7235
TP3= @ 1.7185
TP4= @ 1.7120
TP5= @ 1.7048
SL: Break Above R2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
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💎 Want us to help you become a better Forex trader?
Now, It's your turn!
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Trade well, ❤️
ForecastCity English Support Team ❤️
Hourly Downside Pressure Died Off On GBPCADKey details in Signposts. Hourly selling pressure has died down at the 1.7283 level. Structurally, good opportunity to continue building a position in this pair.
[ Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions. ]
GBPCAD - DAY TRADE VIEWGBPCAD - I am expecting a good up move in this pair from the current price, Momentum seems to be in buyers favour.
Go for buy at current price 1.73300
Potential up move 1.74400
Maintain Stop loss around 1.72900
Follow the levels properly as mentioned and use proper risk management.
Traders, if you liked this idea hit the like button & write in the comment section.
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