Greetings traders!
Today I'm examining price action on
GBPCAD
. It reached the edge of an important price zone on the Daily & H4. Price went into consolidation, I had an entry up at the top when I saw some engulfing candles on the smaller charts but ultimately got taken out when there was a bullish surge on GBP yesterday. In 2 hours there's sterling data coming out and it's expected to be negative. The bullish surge on this pair looks to me like a false bullish breakout and the TINY candles represent that bulls, have in fact, NOT taken over this pair meaning it could still tank to the bottom once the data hits and we see some strong bearish candles come in on this pair. This is all very speculative and my view on how things could play out, I haven't entered yet but monitoring this pair closely. Thank you for your time!
Cheers and good luck to all.
Today I'm examining price action on
GBPCAD
. It reached the edge of an important price zone on the Daily & H4. Price went into consolidation, I had an entry up at the top when I saw some engulfing candles on the smaller charts but ultimately got taken out when there was a bullish surge on GBP yesterday. In 2 hours there's sterling data coming out and it's expected to be negative. The bullish surge on this pair looks to me like a false bullish breakout and the TINY candles represent that bulls, have in fact, NOT taken over this pair meaning it could still tank to the bottom once the data hits and we see some strong bearish candles come in on this pair. This is all very speculative and my view on how things could play out, I haven't entered yet but monitoring this pair closely. Thank you for your time! Cheers and good luck to all.
取消訂單:
No downward breakout. Setup is invalidated.