GBPCAD Free Forex Trading Signals – 21st Dec 2016 

GBPCAD has not shown a clear direction. The price remains below this month’s open. Therefore, we have been eyeing to sell the pair when opportunities come. Today’s price action has been bearish so far. Although, we have not had a break yet, but it seems today’s price action is going to offer sell entry. Let us have a look at the 1 hourly chart to find out where and how we should take our short entry on GBPCAD today.

The price has made a double top, and broken the support level of that double top as well. Today the market has produced some 1 hourly bearish candles. If things go the way we wanted, then the price should make a break at the level of 1.64830. We would not take our entry just after the break out, but we wait for the price to come back at the level and to produce an hourly reversal. If we do get the 1 hourly reversal candle, then we should take the entry.

Trade Summary

• Entry- Enter a Sell Stop order at 1.64830.
  Price to come back at the level of 1.64830 after the break out and formation of an hourly candle
• Stop loss- Below today’s High at the level of 1.65480.
• Take profit- 1.63700. ( Might go further down, but this is the best level)

Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: GBPCAD Free Forex Trading Signals – 21st Dec 2016

Tip of the day:
When market does not have much liquidity, following ABC pattern is the best way to take entry. The best thing about ABC pattern is if thing does not go according to the calculation, it normally gives option us to come out with little profit or very little loss. What it means is if the price does not go towards trend, it keeps coming down and going up. We should just close our entry at the best possible level that we get.