Hi Traders! GBPCAD update and follow up of the buy opportunity is here. In the previous post here I mentioned “On the daily chart currently it looks like the special cycle has completed itself. We also have two false breaks with two bullish divergences that has formed which we may consider as evidences of bullish pressure. On the H4 chart the price has created a bullish divergence with false break, we may consider these as evidences of bullish pressure. In addition to this the price has also positioned itself above the D1 100% fibo extension level, in other words trading above the critical level. On the H1 chart the price has currently broken above the most recent downtrend line we may consider this as an evidence of bullish pressure. We may now look for pullbacks and buys with more bullish evidences”. Lets see how this setup has developed now.
GBPCAD H1 Chart:
On the H1 chart the price moved exactly as per our plan. The pullback that we were looking for happened and then the price moved higher exactly as we expected. We have collected nice profits with this trade so far.
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