🔍🌟 "GBPCAD Analysis: Premature Trend Reversal?" 📈💼
🕵️♂️ Let's delve into this forex pair, representing the exchange rate between the British pound and the Canadian dollar, analyzing both the long and short term scenarios.
🕓 In higher timeframes, except for an event in September 2022, we're observing a range-bound behavior in candles, with a boxing pattern. Sometimes, the Canadians seem dominant, while other times, it's the British.
🌟 On the 4-hour timeframe, we've encountered a significant 4-hour resistance. It's worth noting that it's not just a resistance line; rather, there's a box between 1.72225 and 1.72825 forming a resistance zone. Now, what actions should we take within these areas, based on my trading experience?
🕯️ In such chart setups, based on my experience, for instance, with the line at 1.72225, we can initiate a long position. However, there's a high risk of getting stopped out and a sharp trend reversal. On the other hand, if we wait for 1.72825, there's a chance of a sharp rejection without us having a position.
🛡️ Based on this, for a long position, we can open one after the break of 1.72225, and if the space forms again at the resistance of 1.72825, we can add volume to our position to have a good entry point.
📆 This point is solely based on my experience, and anything that makes profit in the market and any chart is tradable because technical analysis is not a science; it's an art!
📉 For a short position, since we've reached a significant weekly resistance, we can initiate a premature trend reversal. We can employ two strategies for a short position.
🔄 The first one is to fake the resistance at 1.72225, and after it's faked, we move to a lower timeframe, and the first support trigger we lose, we open our short position.
🔍 Also, we have an ascending trendline. If it breaks, along with the support trigger at 1.71303, we can open our short position prematurely.
💪 Our upcoming supports are 1.71303, 1.70623, and 1.70179, and our resistances are 1.72825, 1.73459, and 1.74372. The white lines are for higher timeframes, and the blue lines are for the 4-hour timeframe."
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🕓 In higher timeframes, except for an event in September 2022, we're observing a range-bound behavior in candles, with a boxing pattern. Sometimes, the Canadians seem dominant, while other times, it's the British.
🌟 On the 4-hour timeframe, we've encountered a significant 4-hour resistance. It's worth noting that it's not just a resistance line; rather, there's a box between 1.72225 and 1.72825 forming a resistance zone. Now, what actions should we take within these areas, based on my trading experience?
🕯️ In such chart setups, based on my experience, for instance, with the line at 1.72225, we can initiate a long position. However, there's a high risk of getting stopped out and a sharp trend reversal. On the other hand, if we wait for 1.72825, there's a chance of a sharp rejection without us having a position.
🛡️ Based on this, for a long position, we can open one after the break of 1.72225, and if the space forms again at the resistance of 1.72825, we can add volume to our position to have a good entry point.
📆 This point is solely based on my experience, and anything that makes profit in the market and any chart is tradable because technical analysis is not a science; it's an art!
📉 For a short position, since we've reached a significant weekly resistance, we can initiate a premature trend reversal. We can employ two strategies for a short position.
🔄 The first one is to fake the resistance at 1.72225, and after it's faked, we move to a lower timeframe, and the first support trigger we lose, we open our short position.
🔍 Also, we have an ascending trendline. If it breaks, along with the support trigger at 1.71303, we can open our short position prematurely.
💪 Our upcoming supports are 1.71303, 1.70623, and 1.70179, and our resistances are 1.72825, 1.73459, and 1.74372. The white lines are for higher timeframes, and the blue lines are for the 4-hour timeframe."
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
