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GBPCAD Price Action Analysis – 16th Aug 2017
GBPCAD has made a breakout towards the South on the H4 chart. The price has been in a consolidation. Moreover, the pair has produced an H4 Doji candle right at that level, which was a level of support earlier. If this level is held and produces an H4 bearish Engulfing candle, then the next breakout would offer us a short entry with excellent risk and reward ratio. Let us have a look at the H4 GBPCAD chart…
GBPCAD Price Action Analysis – 16th Aug 2017
Have a look at the consolidation after the breakout. The level of 1.64210 seems to be the new level of resistance. If this level produces an H4 bearish Engulfing candle, then, we would have to wait for a breakout at 1.63730 to take a short entry. It would be even better if the reversal candle itself makes the breakout. Let us have a look at the summary of the trade…- Sell Stop Order: 1.63700
- Stop Loss Level: 1.64200
- Take Profit Target: 1.62950
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
If we flip over to the H1 chart of this trade setup, then we see that the H1 chart is having retracement. Thus, it might drive the price higher up. We have to make sure that we get a solid breakout after the level of recommended resistance is held. Any kind of breakout towards the upside might push the price towards the North. The best would be to get an H4 bearish Engulfing candle with no spike at the downside and that makes the breakout at the level of 1.63730 as well.
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