GBPCAD has been very Bearish on the H4 and the Daily chart. The price has been heading towards the South by making new lower lows. Today’s first H4 candle came out as a corrective H4 Bullish Candle, but the next one came out as a Doji candle. If the current candle comes out as a Bearish Engulfing Candle, and we get an H1 breakout at last day’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 GBPCAD chart.
Have a look at the current H4 candle. The level of 1.71340 is the level of Resistance here. If the current candle Engulfs the last H4 candle and we get an H1 breakout at the level of 1.70735, then selling the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.70735
- Stop loss: 1.71340
- Take Profit: 1.69800
- 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 week is the first week of August. The starting of the week looks good so far. However, we have to be patient to see the effect of some major news events such as NFP to get some direction of the market. We are at the last quarter of the year. So this week could be very vital. It could determine the direction to finish the rest of the year. Long-term traders are going to get engaged with the market soon by seeing off this week.
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