GBPCAD - 60min Timeframe - Short Opportunities

9 May 2018

Following our previous analyses (tradingview.com/chart/GBPCAD/8vMyDvMK-GBPCAD-Daily-Timeframe-Overview/), we are noticing that GBPCAD is currently correcting, forming a minor trend to the upside. The break of said trend, would be another great opportunity to get into the sell. Let us remind all traders that, as the pair has broken the daily trend and structure, we are expecting the price to reach previous lows, all the way down to the 1.582 area. From this moment on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.

If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.

9 May 2018

Not