GBPCAD on a double bottom retracement 🦐
GBPCAD on the 4h chart reached as expected the daily support at the 1.53500 area.
The price tested the area 2 times creating double bottom over the support and can now look for some short time retracement to upside even though the main trend remains bearish on the weekly timeframe .
How can i approach this scenario?
I will wait for the London market open and check for a possible move to the upside.
If the price will then break above the descending trendline i will look for a nice long order according to the Plancton's Academy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price tested the area 2 times creating double bottom over the support and can now look for some short time retracement to upside even though the main trend remains bearish on the weekly timeframe .
How can i approach this scenario?
I will wait for the London market open and check for a possible move to the upside.
If the price will then break above the descending trendline i will look for a nice long order according to the Plancton's Academy rules.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
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