GBPCAD has been Bullish on the H4 and the Daily chart. Today’s intraday charts have been Bullish as well. The price went up and then it seems to have started having a correction on the H1 chart. If the price comes back to today’s Opening price and makes another Bullish move and makes an upside breakout, then buying the pair would get us some green pips. Let us have a look at the H1 GBPCAD chart.
Have a look at today’s price action. The price made a Bullish move from the level of 1.78835. The level of 1.76270 is today’s higher high. If the price comes back to the Support level and makes a breakout at today’s higher high, it would look like a Double Bottom. Today’s higher high will be the neckline of the Double Bottom. If things go like this, then the price would travel to the level of 1.77670 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.76270
- Stop Loss: 1.75835
- Take Profit: 1.77670
- 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
This would be the last week of this month. I assume this week could be a good week for the traders. First two weeks of this month were not that great, but the last week was a good one. Let us hope that the market makes some good move and makes breakouts on the H4 chart or at least on the H1 chart to offer us some good entries.
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