GBPCAD Short Direction: - GBPCAD was at the end of a Bullish Cycle (Level 3). Therefore, it was due to reverse. - The pair also formed a pattern at the H4 OB (Orderblock), so liquidity was expected to be grabbed from the source before the pair dropped. - H4 MBL (Market Base Line) at the 68, so pair was overbought. - Expect Bearish Momentum now.
Entry: - M (Double Top) Pattern Formation. - Divergence indicating pair will sell. - MBL (Market Base Line) pointing down above the 50, indicating the pair will drop. - RSI crossing volatility bands (Shark-fin), indicating probable drop in the pair. - RSI above the 68, indicating pair has been overbought.
Exit: - 44 pip SL @ above YH & H4 OB. - 78 pip TP @ RSI Signal Line Cross, indicating to exit trade.
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