GBP/CAD Bullish View after the Bearish Fakeout🔸 DAILY CHART EXPLANATION:
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🔸Price broke the Ascending Trendline, however, it could not stay below.
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🔸Instead, it has broken the Trendline to the upside.
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🔸Before considering any long position, we are waiting for a break of the previous higher low on a lower timeframe to confirm the direction.
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🔸 Will look for a lower timeframe bullish setup.
🔸 4H CHART ANALYSIS:
Gbp-cad
GBP/AUD Bearish View🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone and started a strong downside move after that.
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🔸It has broken the Ascending Trendline.
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🔸We consider that this pair has bearish potential towards the Support Zone in the short term.
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🔸 Will look for a lower timeframe bearish setup.
GBP/CAD Expecting a Bearish Move🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone and started a strong downside move after that.
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🔸It has broken the Ascending Trendline.
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🔸We consider that this pair has bearish potential towards the Major Support Zone in the long term, however, we need to be careful with the middle Support Zones in case we decide to short trade.
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🔸 Will look for a lower timeframe bearish setup.
Bearish Harmonic May Resume to Complete A Bigger Formation....I actually took this trade last week when I saw a harmonic setup while cruising the charts. This harmonic may still be respected this week.
Scaled up to the daily and saw what looks like a giant inverse head, neck, and shoulders forming. So TPS are based on both the harmonic and when the move may be complete.
BEAR TPS:
• 1.72928
• 1.71914
• 1.70498
BULL TPS:
• 1.73973
• 1.74797
• 1.76834
Trades that are still active until all bull/bears TPS hit…
EURCAD
XAUUSD
GBPJPY
GBPCAD Price has broken below S2 early in the week This is a full breakdown of my perception of price action on higher time frames! I take my entries using smaller time frame confirmation and you should, too. If you have any questions about this trade or my strategies feel free to ask them in the comment section below!
Let’s make some money together!
Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.7310). 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 uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 1.7428
TP2= @ 1.7534
TP3= @ 1.7673
TP4= @ 1.7793
TP5= @ 1.8033
SL= Break below 1.7235
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GBPCAD - SWING - 18. AUGU. 2020Welcome to our weekly trade setup ( GBPCAD )!
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1 HOUR
Market turned bullish right now.
4 HOUR
Strong pressure and price action..
DAILY
Overall bullish market in bearish downtrend, good long entries!
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FOREX SWING
BUY GBPCAD
ENTRY LEVEL @ 1.73420
SL @ 1.72520
TP @ 1.74750
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
Leave us a comment or like to keep our content for free and alive.
Have a great week everyone!
ALAN