I have decided to place a buy position on GBPCAD at Monthly S1 as an intermediate support is approaching at a price of 1.6601. With no major economic data coming out from both the UK and Canada this could be a potential profitable swing trade. I expect to hold trade up until next week Thursday when inflation came out from Canada.

GBPCAD Daily

21 and 55 are flat therefore market is in range and is bearish but approaching a support zone which could be the bottom of the range. Stochastocs is also nearing the over sold region indicating that a new range is beginning.

GBPCAD H4

On this chart the small downtrend is more distinct than on the daily chart 21 and 55 are not flat. Therefore we need to see a small head or should or a small double bottom, We can then take price as coming off WM2

GBPCAD H1

The H1 chart has price in the support zone and stochastic has further advanced from the overbought territory. We expect double bottom or a head and shoulder pattern.

GBPCAD M15

On rge M15 chart we need price to break its current range and go further down until we get to the price of 1.6601

One thought on “Long Position GBPCAD”

  1. BigPerM_99 says:

    Thanks for the Help! Keep up the good work!

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