[FOREX TIP] GBPCAD Free Forex Trading Signals – 28th Feb 2017

GBPCAD has been in a range on the H4 chart. However, the pair seems to be bullish after producing some good-looking bullish H4 candles. Now, the price is having correction on the H4 chart. If we get a breakout towards the North, then buying the pair should get us some green pips with excellent risk and reward ratio. Let us have a look at the H4 chart of GBPCAD.

GBPCAD Free Forex Trading Signals – 28th Feb 2017

As we can see that, the pair has produced 2 consecutive H4 bullish candles from 1.62500. This has been a strong level of support. The price went up to 1.64075 and then produced an H4 Doji candle. The next candle has been a solid bearish one though. I assume that 1.63770 might come into play and act as a level of support. If we get an H4 reversal candle at that level, then an Hourly breakout at 1.64075, we might as well buy the pair by setting our target at 1.64800. If we get an H4 breakout instead that will be even better.

Let us have a look at the summary of the trade

• Buy Stop Order: 1.64075
• Stop Loss Level: 1.63770
• Take Profit Target: 1.64800

Many brokers charge higher spread on pairs such as GBPCAD, EURNZD, GBPAUD since they are not heavily traded pairs . Traders get charged almost 3 times spread for these pairs than the usual pairs such as EURUSD, GBPUSD, USDCAD. We need to make sure that the pair we choose to take entry they have low spread. At the end of the day, spread is counted when we calculate our risk and reward ratio. However, not all the brokers do the same. Some brokers offer lucrative spread on those less traded pairs. We just need to know be aware of it before selecting a broker.

These things we have to consider every time before choosing a pair to take entry.

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 – 28th Feb 2017

The post GBPCAD Free Forex Trading Signals – 28th Feb 2017 appeared first on Advanced Forex Strategies.

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