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GBPCAD kept making higher highs on the Daily chart. However, for the last 9/10 trading days the pair has been choppy. It seems that the pair might have to make some downward corrections on the Daily chart. This means the pair might offer some short entries on the H1 chart.
By looking at today’s price action, the pair would offer a short entry if it makes a breakout at yesterday’s lower low. Let us have a look at the H1 chart…
GBPCAD Trade Idea – 16th May 2017
The level of 1.75980 has been working as a resistance now, which was a strong level of support earlier. Now the price has to make a breakout at the level of 1.75600. After the breakout, the price should keep going down for 1 or 2 more H1 candles. Then, the price should come back to the breakout level again and produce an H1 reversal candle short entry.
Summary of the trade
- Sell Stop Order: 1.75600
- Stop Loss Level: 1.76100
- Take Profit Level: 1.74600
- Validity: 23 Hours
Since the Daily trend here is bullish and the price has been on downward correction, so we must not take our short entry just after the breakout. We must wait for the confirmation. Yes, the price might keep going down after the breakout and never offer us the entry according to our trade setup. However, as a trader we have to make sure that we keep our patience and discipline with every single entry that we are about to take.
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: EURGBP Past Trade Idea – 15th May 2017
The post GBPCAD Past Trade Idea – 16th May 2017 appeared first on Advanced Forex Strategies.
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