Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
GBPCAD is overall bearish trading inside the red channel, and it is currently approaching the lower red trendline.
Moreover, the zone 1.60 is a strong weekly support zone .
🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue resistance support zone and lower red trendlines . (acting as non-horizontal support)
As per my trading style:
As GBPCAD is sitting around the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
GBPCAD is overall bearish trading inside the red channel, and it is currently approaching the lower red trendline.
Moreover, the zone 1.60 is a strong weekly support zone .
🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue resistance support zone and lower red trendlines . (acting as non-horizontal support)
As per my trading style:
As GBPCAD is sitting around the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich