GBPCAD Breakout Trading Strategy – 23rd Jan 2019 

 January 23, 2019

By  Advanced Strategies

GBPCAD had a bullish day yesterday. The Daily candle came out as a strong bullish candle which suggests that the pair might be getting ready to make new higher high on the Daily chart. As far as the H4 chart is concerned, the price has started having a correction. If the price takes a full wave correction, produces an H4 bullish engulfing candle and an H1 breakout afterward, then buying the pair would get us some green pips.

GBPCAD Breakout Trading Strategy – 23rd Jan 2019
GBPCAD Breakout Trading Strategy – 23rd Jan 2019

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As we see on the H4 chart that the price went up to the level of 1.73125 then it has started being bearish. The level of 1.72135 has the potential to be the level of support and produces an H4 bullish engulfing candle afterwards. If that happens and the price ends up producing an H1 breakout at the higher high, then the price would head towards the level of 1.74750 without having too many pauses. Let us have a look at the summary of the trade…

  • Buy Stop Order: 1.73125
  • Stop Loss: 1.72125
  • Take Profit: 1.74750

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Yesterday we were eyeing on GBPUSD to sell. Today, we are going to eye on GBPCAD to buy. GBPUSD had a bullish day as well. However, comparing their H4 charts, GBPCAD looks much better to buy. Today GBPUSD might have a bullish day too, but at the time of choosing a chart, we have to consider how strong the trend is. GBPCAD’s trend certainly looks stronger and better than the trend of GBPUSD.

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