#GBPCAD the trap of the Bulls? #forex

12 de jul. de 2018

First view on GBPCAD on the daily or 4hour Chart, you can easily see the Head and Shoulders formation. Left shoulder nice bounce between the daily resistance ( 1.73 & 1.7444 ) with continuation for the head . Head bounced at the weekly resistance ( 1.77178) and dropped to the lower daily support for the "body" . After that the push began to create the right shoulder. This one was formed within one 4hour candle bearish (over150 Pips in this candle) . Ended up the "Body" GBPCAD began to rise again . The idea to fall even lower , what is to expect at a Head and Shoulders formation, failed Currently we are fighting with the daily resistance and the 38% level. If this resistance is breaking we are heading to the head (weekly resistance). Which confluences do we have ? Seeing the SHS didnt play out as expect with a strong bounce of the daily support ( also 61,8% Fib level) let assume the bears losing controll. Also do we have a nice daily bullish monumentum with strong bullish candles ( spikes to daily and fib ) (bulls recover ) .
Now waiting for the break and a strong daily bullish candle to increase our volume on this long trade. (70%)
Entry : 1.74333
Stop : 60 Pips
Target : 290 Pips
Hope you enjoy and profit with us!

TEAM CRYPTO