Today I have found new trade setup that could give me good amount of pips.
Monthly Time Frame
GBP/CAD trading pair on the weekly chart have formed a Pin bar which points that there could be SELL opportunity.
Monthly chart is strong indication that the pair could go lower. I am using also RSI indicator to see is the pair in the overbuy area.
These are signals I see on the chart:
- Weekly Pin Bar
- Double Top
- Next to downtrend line
- next to up trend line
- Next to horizontal support line
- Round number 1.7700
- Fibonacci 38% level
Daily Time Frame
As you can see on the chart engulfing bar have formed that is pointing down which is good opportunity to enter.
To confirm that SELL is good choice I would wait until the price breaks below 1.6916 level where the daily candle have stopped in the previous days.
If the daily candle breaks, the next level would be 1.6720 which was October 2019 low.
Good move is to wait on H4 to find good SELL signal to enter and to catch the best timing.
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