GBPCAD has been bullish today as well. We predicted that the pair would go towards the North yesterday. The pair did move as we had predicted. The way the price has been on the consolidation today, it seems that the pair might make another move towards the North. This time it would be a bigger move than the yesterday’s move. Let us have a look at the H4 chart of GBPCAD.
GBPCAD Free Forex Trading Signals – 1st March 2017
The pair made a huge Double bottom and produced 2 consecutive Daily bullish candles. Yesterday’s bullish move found the resistance at 1.64985. Then, the price has been on consolidation. The level of 1.64500 seems to be the support here since the price did find its resistance on its last bearish move. If the level of 1.64500 produces an H4 reversal candle and then we get an Hourly breakout at 1.64985, then taking long entries on GBPCAD would be the best option as far as the H4 chart is concerned.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.64985
- Stop Loss Level: 1.64500
- Take Profit Target: 1.66450
We saw the first move of a trend on GBPCAD yesterday. That offered us 1:1 risk and reward ratio. Today, I am anticipating its 2nd move. This is going to offer us 1:2 risk and reward ratio. This attracts more traders to take entries on a pair. I strongly believe if we get that reversal candle and the breakout, then the price would not have to struggle to reach at our Take profit level.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPCAD Free Forex Trading Signals – 1st March 2017
The post GBPCAD Free Forex Trading Signals – 1st March 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment