GBPCAD: Waiting for REVERSAL CLUES!
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the GBPCAD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
Top Down Technical Analysis:
At the end of October, the market double topped on an important swing, reversing impulsively for more than 600 pip.
At that time, we were looking for a bearish correction, trying to targeting the low swing at about 1.5100.
Eventually the market, before reaching that point, started correcting with a deeper structure and it has currently reached a minor swing high at 1.56800, which it could hold and reverse the market, completing the structure and potentially dropping to the downside.
When, where and why would we step into the market?
The second swing high of the LTF structure is not completed and confirmed yet, so more confluences are needed before thinking about a short position.
However, if the market will reverse during the next few trading sessions, breaking the little structure within structure marked on the chart, a bearish movement till the level 1.5300 and 1.5100 (target 2 after more correction), is definitely a possible scenario.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
Top Down Technical Analysis:
At the end of October, the market double topped on an important swing, reversing impulsively for more than 600 pip.
At that time, we were looking for a bearish correction, trying to targeting the low swing at about 1.5100.
Eventually the market, before reaching that point, started correcting with a deeper structure and it has currently reached a minor swing high at 1.56800, which it could hold and reverse the market, completing the structure and potentially dropping to the downside.
When, where and why would we step into the market?
The second swing high of the LTF structure is not completed and confirmed yet, so more confluences are needed before thinking about a short position.
However, if the market will reverse during the next few trading sessions, breaking the little structure within structure marked on the chart, a bearish movement till the level 1.5300 and 1.5100 (target 2 after more correction), is definitely a possible scenario.
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
Ordem cancelada:
As you can see on the chart, the market initially broke the LTF to the downside, quickly reversing, confirming a false breakout.
The setup is not valid anymore and no action has been taken on this market
As you can see on the chart, the market initially broke the LTF to the downside, quickly reversing, confirming a false breakout.
The setup is not valid anymore and no action has been taken on this market
