GBPCAD Price Action Analysis – 25th May 2017
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GBPCAD has been slightly bearish after having some good bullish moves on the Daily chart. However, yesterday BOC’s rate decision made the pair take a move towards the downside. As things stand with GBPCAD, the pair might have a bearish rally next. Let us have a look at the H4 chart of GBPCAD and find out what levels to keep our eyes on to take a short entry on the pair….
As we see on the chart, the level of 1.74600 has worked a strong level of resistance and driven the pair down. Moreover, on its way of this bearish ride it broke a level of support, which was at 1.74420. This level has the potential to be the level of resistance. If it really does and produces an H4 reversal candle, then the pair would come down further by offering a short entry to the sellers. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.74400
- Stop Loss Level: 1.75100
- Take Profit Target: 1.73250
- Validity: 24 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
Traders at the beginning often want to trade during the newshour to grab some quick pips. They think as an opportunity missed if they do not take an entry during the news hour. However, newshour should be used as an opportunity creator. Like here, yesterday’s news hour broke the support level and there is an opportunity today. For extremely experienced traders it is a different ball game. However, for retail traders it is best to skip news trading to keep their investment
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