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GBPCAD made a strong bearish move on the H4 chart. The price seems to have found a strong level of support from where it had a bounce earlier as well. After finding the support, the price produced 4 consecutive H4 bullish engulfing candles and then started having a correction. If the price now produces an H4 bullish engulfing candle and makes an H1 breakout at the level of resistance, then buying the pair would get us some green pips. Let us have a look at the H4 GBPCAD chart.
GBPCAD Price Action Analysis – 13th Dec 2018
The chart shows that the price produced an H4 doji candle first, then a bullish candle. The next one is the candle which set the tone. That is an H4 bullish engulfing candle which has been pushing the price to go towards the North. The level of 1.69195 is the level to be broken by an H1 candle and the H4 bullish engulfing candle is to be produced at the level of 1.68330. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.69195
- Stop Loss: 1.68330
- Take Profit: 1.70630
- 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
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Big time frames such as Monthly, Weekly show that the pair is going downwards. However, H4 chart shows here that the pair might make an upward move today. What I am trying to say is H4 chart does not have that much to do with the Monthly or the Weekly chart. But it does have a very strong relation with the Daily chart.
The post GBPCAD Price Action Analysis – 13th Dec 2018 appeared first on Advanced Forex Strategies.
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