GBPCAD Waiting for a bounce or break of resistance
I am waiting for price to pullback to previous resistance at price level 1.68000. Once it hits resistance I will look for price action such as doji's, pin bars or engulfing candles in order to enter short. My target for the short trade will be previous support at 1.66000 for a potential target of 200 pips. If price breaks through the resistance level because somehow the markets have been acting insane lately then I will obviously wait for the pullback into the 1.68000 level in which I will go long, my target being the 1.70900 region. Price has been looking weaker on the daily chart so overall my main bias is short
I am waiting for price to pullback to previous resistance at price level 1.68000. Once it hits resistance I will look for price action such as doji's, pin bars or engulfing candles in order to enter short. My target for the short trade will be previous support at 1.66000 for a potential target of 200 pips. If price breaks through the resistance level because somehow the markets have been acting insane lately then I will obviously wait for the pullback into the 1.68000 level in which I will go long, my target being the 1.70900 region. Price has been looking weaker on the daily chart so overall my main bias is short