GBPCAD Long: Bullish Confluence with High R/R

GBPCAD has completed a bullish bat on the 15m TF. Zooming out to 1HR we can observe a double bottom forming at the PRZ. Two longer-term trendlines provide added support at this level. The daily TL also forms a potential bottom barrier of a triangle pattern where the first bottom serves as touch four. Targets are placed at structure high and 1.272/1.618 extensions which are confluent with other important levels (see chart for details). SL is placed below recent lows for a R/R of over 18 if support holds. Wait for candle close for another bullish pinbar confirmation before entry for a more risk-averse approach.

Shorter TF Bullish Bat Complete:

Bullish Confluence:

• Bullish Bat
  
• Potential double bottom
  
• Daily TL Support
  
• 4HR Trendline Support
  
• Potential triangle forming on daily
  
• Bullish pinbars forming indicating buying pressure
  

Trade ist aktiv