GBPCAD: Trade Opportunities for Buyers and Sellers
Those who think that trading in both directions is obvious, I want to remind you that not always you can have such opportunities! If you think in another way, please support your statement by arguments.
Let's look at the 4H chart. The price reached the resistance zone formed by SMAs and 1.70000 resistance level.
If the price can't break this zone, it will be a reversal and a possible selling opportunity. RSI and MACD histogram confirm the price reversal. DMI is bullish but ADX line is falling. It tells us that buyers are not so active. Stop orders for short trades must be placed above the local swing high and the resistance zone. Profit targets should be placed at the support.
If the price breaks the resistance zone, it will give a possible buying opportunity. It will be better to open long positions after retesting a new support zone. Stop orders for long trades must be placed below the support zone and the local swing low. The main profit target should be placed at the resistance.
Risk per trade must be no more than 1-2% from the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Let's look at the 4H chart. The price reached the resistance zone formed by SMAs and 1.70000 resistance level.
If the price can't break this zone, it will be a reversal and a possible selling opportunity. RSI and MACD histogram confirm the price reversal. DMI is bullish but ADX line is falling. It tells us that buyers are not so active. Stop orders for short trades must be placed above the local swing high and the resistance zone. Profit targets should be placed at the support.
If the price breaks the resistance zone, it will give a possible buying opportunity. It will be better to open long positions after retesting a new support zone. Stop orders for long trades must be placed below the support zone and the local swing low. The main profit target should be placed at the resistance.
Risk per trade must be no more than 1-2% from the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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