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Gbpcadlong

GBPCAD - BUY - 4H SupportGBPCAD - BUY - 4H Support Buy @ Current Market or a Break of 1.70959 Stop Loss @ 1.70162 Take Profit @ 1.73361 ------------------------------------------------------------------------------------ 🔺 Disclaimer! The content of this analysis is subject to change at any time without notice. 🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions. 🔺 You must do your own research to create your own trading plan for the market. ------------------------------------------------------------------------------------
Long
by UnknownUnicorn5418842
GBPCAD long trade ideaLast week on the daily GBPCAD has made an Impulse to the upside and went for a retest of the impulse almost to 0.618. So, from daily we have a bullish outlook also today on 4H market shifted from bearish to bullish and we can look for big long from here. I will open a long from 1.71700. But keep in mind that we have a strong resistance in the weekly chart on 1.72500. So, if the market goes in my favor and tests the weekly resistance I will risk free this trade just in case the market doesn't break weekly resistance but if market breaks weekly resistance we could see GBPCAD move to 1.75000.
Long
by rafi_trader21
GBP/CAD looking to bounce off 78.6%Hello Fellow Trader! Quite a few signals lining up. Today I have introduced Bollinger bands to the equation due to multiple signals suggesting the reversal for GBP/CAD Daily Bollinger, 1-hour Bollinger, 78.6% Fibonacci and double bottom all coincide for a possible bounce. Would like to see a strong bullish engulfing, hammer, piercing, two bar reversal or dragon fly to confirm. Key Points: - Daily – Price outside Bollinger band and at 78.6% Fibonacci retracement - 1 Hour – Price outside Bollinger band - Double bottom support level from September 23rd low - Caution - Price holding below the 200 EMA - Caution - Price holding below the 50 EMA - Looking for a bullish candle at the 78.6% retracement - Large spike in volume but price stale - RSI crossing above oversold 20 extreme Key Levels: Support - 1.69015, 1.68800 Resistance – 50 EMA, 200 EMA, 1.70320, 1.71265 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 1.69400 Supporting Entry – 1.69550 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks below 1.68799 – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 1.69400 – Target 1 1.70320 = 1.5x Reward to Risk Optimal Entry 1.69400 – Target 2 1.71265 = 3x Reward to Risk Supporting Entry 1.69550 – Target 1 1.70320 = 1x Reward to Risk Supporting Entry 1.69550 – Target 2 1.71265 = 2x Reward to Risk
Long
by tradetheday