GBPCAD Price Action Analysis – 16th Aug 2017 | Free Forex Trading Signal

GBPCAD Price Action Analysis – 16th Aug 2017

Print Friendly, PDF & Email

Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…

Join The Price Action Club Here…

Claim Your $60 No Deposit Bonus Here

All you need is to have your live account verified!
Of course, you need to open a live account...

2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!

XM Broker


We use both of these brokers and proudly promote them!

GBPCAD Price Action Analysis – 16th Aug 2017

GBPCAD has made a breakout towards the South on the H4 chart. The price has been in a consolidation. Moreover, the pair has produced an H4 Doji candle right at that level, which was a level of support earlier. If this level is held and produces an H4 bearish Engulfing candle, then the next breakout would offer us a short entry with excellent risk and reward ratio. Let us have a look at the H4 GBPCAD chart…

GBPCAD Price Action Analysis – 16th Aug 2017

Thank you for your readership. We are truly grateful!

Hope that you like the strategies that we share.
If you like the strategies here, you will absolutely
love our latest strategy...

The MorningPips Trading System

The aim of Morningpips is to finish trading by the morning.
Simple as that... Check it out!

Have a look at the consolidation after the breakout. The level of 1.64210 seems to be the new level of resistance. If this level produces an H4 bearish Engulfing candle, then, we would have to wait for a breakout at 1.63730 to take a short entry. It would be even better if the reversal candle itself makes the breakout. Let us have a look at the summary of the trade…
  • Sell Stop Order: 1.63700
  • Stop Loss Level: 1.64200
  • Take Profit Target: 1.62950
  • 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

If we flip over to the H1 chart of this trade setup, then we see that the H1 chart is having retracement. Thus, it might drive the price higher up. We have to make sure that we get a solid breakout after the level of recommended resistance is held. Any kind of breakout towards the upside might push the price towards the North. The best would be to get an H4 bearish Engulfing candle with no spike at the downside and that makes the breakout at the level of 1.63730 as well.

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: NZDJPY Price Action Analysis – 14th Aug 2017

Join The Price Action Club Here…


Facebook Comments

Other Analysis Today
Learn and SHARE the Knowledge!
Click Here to Leave a Comment Below 0 comments

Download Our Sniper Trader Trend Following System