GBPCAD - Potential Short Opportunity after a failed rise
Greetings Fellow Traders,
Several days ago I posted about a potential long opportunity regarding the GBPCAD pair, you can see the link below, however the key to that trade relied on a daily close above the key technical level of 2.03300...a confirmation we never received. If you trade lower time frames there were clear opportunities to short this pair down to a potential trend line I had already indicated, I hope that some of you were able to generate profits on just that. This potential trend line is now very much a confirmed trend line as the market has reacted to it a solid three times.
Due to the structure of trading this newly formed opportunity can be seen in 2 different ways. A break of the support of a larger rising wedge, or if just using the last 6 days of trading a bearish pennant break on the lower time frames. I've indicated the upper resistance with a blue dotted line for the lower time frames (1 hour and 4 hour).
Trade Opportunity:
Sell Limit 2.00400 After a confirmed break - or Manual Entry
Stop Loss 2.01000
Take Profit 1: 1.9925
Take Profit 2: 1.9800
Please remember that we are still within this rising wedge and even pennant formation on the lower time frames and we do not have an entry to look for until we have a confirmed break, at which point we will look for a retest of previous support/resistance.
Please do your own analysis before entering a trade. If you like what you see here or have questions, feel free to comment, follow or "like"
Several days ago I posted about a potential long opportunity regarding the GBPCAD pair, you can see the link below, however the key to that trade relied on a daily close above the key technical level of 2.03300...a confirmation we never received. If you trade lower time frames there were clear opportunities to short this pair down to a potential trend line I had already indicated, I hope that some of you were able to generate profits on just that. This potential trend line is now very much a confirmed trend line as the market has reacted to it a solid three times.
Due to the structure of trading this newly formed opportunity can be seen in 2 different ways. A break of the support of a larger rising wedge, or if just using the last 6 days of trading a bearish pennant break on the lower time frames. I've indicated the upper resistance with a blue dotted line for the lower time frames (1 hour and 4 hour).
Trade Opportunity:
Sell Limit 2.00400 After a confirmed break - or Manual Entry
Stop Loss 2.01000
Take Profit 1: 1.9925
Take Profit 2: 1.9800
Please remember that we are still within this rising wedge and even pennant formation on the lower time frames and we do not have an entry to look for until we have a confirmed break, at which point we will look for a retest of previous support/resistance.
Please do your own analysis before entering a trade. If you like what you see here or have questions, feel free to comment, follow or "like"
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