GBPCAD Price Action Analysis – 13th Sept 2017
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GBPCAD has been bullish on the H4 chart. The pair seems to keep making higher highs on the H4 chart, but there is a daily down trending resistance. Thus, the price might start retracing soon. If the price comes and produces a good bullish H4 candle, then there is a possibility that we might see a good bullish move on the pair. Let us have a look on the H4 GBPCAD chart.
See the breakout candle, which broke through the level of 1.60475. Then, the price continued to go towards the North for two more candles so far. Most probably, the price would start having a retracement from there. If the price comes back to the breakout level and produces an H4 Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.60475
- Stop Loss Level: 1.59000
- Take Profit Target: 1.62500
- 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
As we see on the Daily chart that there has been a strong down trend. However, H4 chart suggests that a bull trend is being established. Since the situation is like that, thus we need to wait for a full retracement and an Engulfing candle here to take the entry. What I mean by full retracement here is the price has to come all the way to the breakout level. If the price starts trending bit higher up, we must avoid taking entry on this trade setup.
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