GBPCAD made a strong Bullish move on the last Friday. The H4 chart looks extremely Bullish. Today’s two H4 candles have been held by a level of Resistance. The current H4 candle seems to be a Bearish candle. If this candle ends up being an H4 Bearish Engulfing Candle and we get an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 GBPCAD chart.
The level of 1.69160 is a level of Flip Over Resistance. Today’s two H4 candles have been nicely held by the level. If this level produces an H4 Bearish Engulfing Candle and we get an H1 breakout at the level of 1.68585, then the price would head towards the level of 1.67550 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.68550
- Stop Loss: 1.69160
- Take Profit: 1.67550
- 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
Almost all the GBP pairs made a strong Bearish move on the last Friday. All the H4 charts look Bearish. However, if you have a look at the H4-GBPCAD chart, this looks best. The trend started from a strong Resistance level by making a Double Top. The chart is clutter free. This is what attracts more price action traders to keep their eyes on a pair. I assume all the GBP might go down today, but GBPCAD would go down in the nicest way.
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