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GBPCAD has been within a range on the H4 chart. The H4 chart shows that the price produced two double tops and two double bottoms so far within that range. The price again near to the support level and it seems that it might end up producing a double bottom by making a breakout at the neckline. Let us have a look at the H4 GBPCAD chart.
The level of 1.69110 is the level of support and 1.69880 is the level of resistance that hold the whole equation here. If the level of support produces an H4 bullish engulfing candle and makes a breakout at the level of 1.69880, then the price would head towards the level of 1.71120 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.69880
- Stop Loss: 1.69110
- Take Profit: 1.71120
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
There is an interesting point that we have to notice. The breakout could take place at the support level as well. If that happens, then the price has to go towards the support level; produces an H4 bearish engulfing candle and makes a breakout at the level of 1.69110. The equation would work entirely in a different way then. This is the beauty of the Forex market. Things get change within a blink of an eye. At the moment, considering the chart and the price action, our job is to eye for an H4 bullish engulfing candle and a breakout at the resistance level to take a long entry.
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