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Gbpcadlong

GBPCAD Pin Bar On Daily Chart? GBP still strong? 47 Week High!Is that a Pin Bar on GBPCAD Daily Chart? GBP still strong? 47 Week High! Is a new 52 week high the next victim here? Some interesting Price action here now midweek across the GBP Pairs. There is still so much time left in the day to trade, However there is NO DOUBT that many traders will be eyeing the current price structure of this pair and its current appearance on the DAILY CHART which Clearly looks LIKE A PIN BAR is forming, But remember again there is still plenty of trading hours left in today for that Candle to really change its appearance by the time the day ends. Our CURRENCY HEAT MAP has called GBP strength up until now which has clearly been working for this month of February. Maybe its time for GBP to catch it breath having had such a run after the past few weeks. CAD is still MID range and the Commodity CUREENCIES have remained bullish overall for several weeks so GBPCAD may not be the optimal GBP trade at the moment unless in fact you want to be trading the RETRACEMENT as a MEAN REVERSION trade back to an obvious area of value where the bulls may come back in for another charge higher. Whichever side you decide to trade the main thing here is to remember where large POOLS of LIQUIDITY remain on the chart. On the bullish side the 47 WEEK HIGH is a clear point and we have seen a strong reaction therefore if this is to go higher the 52 WEEK HIGH is a clear and obvious location. Alternatively January 29 high @ 0.7640 if revisited will clear a lot of MONEY as the TREND LINE LONG TRADERS stops would have been cleared and the multi hour CONSOLIDATION under 0.7650 will be cleared too.
Long
by seekingpips
GBPCAD Possible long setupMonthly - Price wicking to the downside (market is rejecting 1.7000) round figure. Weekly - last 3 weeks saw bullish momentum to the upside. Rejecting a Very strong resistance area. (awaiting pull back to collect buy orders). Daily - Structure break to the upside. Bearish engulfing at the swing high creating new Higher High. 4h - market is shorting towards the trendline and liquidity zone. will watch for candle movement around the red zone for a possible long entry.
by Searle
1
GBPCAD LONGMonday. My favourite day of the week, purely because the markets are waking up. So we entered a long position on GBPCAD this morning. We are currently -2 percent but we are comfortably waiting for price to retest our strong resistance zone and eventually continue in a bullish momentum into our take profit area. Our analysis has been created on a 1hr time frame for trading view but was originally added to our watchlist on a daily time frame. Both which were convincing that price was going to have a bullish momentum. my entry was: ENTRY @ 1.76032 SL @ 1.75432 TP1 @ 1.76632 TP2 @ 1.77332
by Forexinsightsuk
GBPCAD Trade IdeaCurrently testing the 61.8 for a possible support area. This is illustrated on both the daily and 4hr chart. Along with the fib retracement level, we also have the mid channel pivot which could add some additional support. My idea here is to enter long considering the overall trend itself is also bullish. Tomorrow we have Canada reporting their unemployment figures. I expect on a seasonal basis for Canada to under perform in the winter months and should provide a disappointing jobs report tomorrow and thus lower the Lonnie. ------------------------- Please don't forget to FOLLOW, LIKE, and COMMENT ... If you like my analysis:) Trade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
Long
by Michael_Harding
1
GBPCAD long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
1