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GBPCAD made a strong Bearish wave on the H4 chart. The price seems to have found a support, from where it has started having a correction. If the price goes up to the level, which would be a flip over resistance and produces an H4 bearish engulfing candle, then the price would head towards the South by offering us a short entry. Let us have a look at the H4 GBPCAD chart.
GBPCAD Price Action Analysis – 10th Dec 2018
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The chart shows that the level of 1.68920 has become the level of resistance. On the other hand, 1.69985 has the potential to be the level of resistance. If that level is held and the level produces an H4 bearish engulfing candle, an H1 breakout at the level of 1.68920 would be the signal to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.68920
- Stop Loss: 1.69985
- Take Profit: 1.67200
- 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
GBPCAD usually produces its signal after the New York open. Sometimes the London open helps produce some signals on the chart such as 5M, 15M, 1 HR. The New York open usually deals with the H4 chart. Since this setup is based on the H4 chart, I assume that we might get that H4 bearish engulfing candle one that includes the New York Open. Meanwhile, we must keep our eyes on the H4 to see how the H4 candles look and what message they have for us.
The post GBPCAD Price Action Analysis – 10th Dec 2018 appeared first on Advanced Forex Strategies.
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