GBPCAD Pound vs Cable: Canadian SURGES! And my Origin story!
WELCOME TO MY PAGE =) BEFORE I START, A STORY ABOUT HOW I GOT INTO TRADING AS A MERE UNIVERSITY STUDENT:
Documenting my first expansion into FOREX, as y'all might have known, I started off trading cryptocurrencies after learning from my boss during an internship about bitcoin and crypto.com (this is in no way advertising, I just happen to use it). He was merely buying and holding it, what got me deeply interested into trading was the beauty of it all: No matter the market movement, up or down, profits can be made! That was just the bonus, the real art is in how the market can be analysed to study what really is, HUMAN PSYCHOLOGY and SOCIAL BEHAVIOR, which is hiding under the facade of Price actions and swings high and low etc.
I really love studying these, and thereby this post is to document a milestone of expansion into the forex sector, for me and you to follow on my humble journey, may we both continue making many profitable trades from now.
BACK TO BUSINESS:
GBPCAD pair currently testing support level @ 1.69673, possible breakout to the downside towards the bottom of the channel and next support line @ 1.66572 for a SHORT OPPORTUNITY. Long rejection bearish wicks appeared 3 times in the D1 time frame, establishing a strong resistance directly above @1.70966, this gives us a high probability trade of more daily candles going to the DOWNSIDE for bearish pressure.
Technical indicators:
- MACD deeply in the red zone showing bearish power, confirming out SHORT ENTRY.
- 21 MA crossing over the 100 MA showing a shift towards a downtrend (at least in the short term of 2-4 days)
As always, trade carefully with stop losses orders and have fun along the way.
Let me know if you prefer seeing the short/long position indicator OR the usual hand drawn arrow for simplicity!!
Best Regards,
GOLD D ROGER
Documenting my first expansion into FOREX, as y'all might have known, I started off trading cryptocurrencies after learning from my boss during an internship about bitcoin and crypto.com (this is in no way advertising, I just happen to use it). He was merely buying and holding it, what got me deeply interested into trading was the beauty of it all: No matter the market movement, up or down, profits can be made! That was just the bonus, the real art is in how the market can be analysed to study what really is, HUMAN PSYCHOLOGY and SOCIAL BEHAVIOR, which is hiding under the facade of Price actions and swings high and low etc.
I really love studying these, and thereby this post is to document a milestone of expansion into the forex sector, for me and you to follow on my humble journey, may we both continue making many profitable trades from now.
BACK TO BUSINESS:
GBPCAD pair currently testing support level @ 1.69673, possible breakout to the downside towards the bottom of the channel and next support line @ 1.66572 for a SHORT OPPORTUNITY. Long rejection bearish wicks appeared 3 times in the D1 time frame, establishing a strong resistance directly above @1.70966, this gives us a high probability trade of more daily candles going to the DOWNSIDE for bearish pressure.
Technical indicators:
- MACD deeply in the red zone showing bearish power, confirming out SHORT ENTRY.
- 21 MA crossing over the 100 MA showing a shift towards a downtrend (at least in the short term of 2-4 days)
As always, trade carefully with stop losses orders and have fun along the way.
Let me know if you prefer seeing the short/long position indicator OR the usual hand drawn arrow for simplicity!!
Best Regards,
GOLD D ROGER
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