GBPCAD has been Bullish on the H4 chart. The price has been heading towards the North by keep making upside breakout. The first H4 candle was a Bullish and the next H4 candle came out as an Inside bar. If the pair produced an H4 Bullish Engulfing Candle and makes another upside breakout, then the pair might offer us a long entry. Let us have a look at the H4 GBPCAD chart.
The level of 1.73800 has been the level of Support here. If this level produces an H4 candle and makes a breakout at 1.74715, then the price would not have any strong level of Resistance on its way up to the level of 1.76100. The best would be an H4 Engulfing candle, and then an H1 breakout here to take the entry. If the H4 Engulfing candle makes the breakout, then we should wait for an H1 Engulfing candle at the breakout level to take the entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.74715
- Stop Loss: 1.73800
- Take profit: 1.76100
- 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
The GBP has a high impact news event at GMT10.30. This means this H4 candle most probably is going to be the key. I assume the current H4 candle would be a big candle with spikes on both sides. Make sure that the spikes are not too ugly. Too big a spike often creates confusion on traders’ mind.
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Thank you, thank you for the explanation on the trade of the day and the price action strategy!!!!
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