GBP/CAD Short Setup on Pullback to Resistance Level
Overview: Currently observing a potential short opportunity on GBP/CAD as price trends downward. I’m waiting for a pullback to a key resistance level to evaluate entry conditions.
Analysis:
The 1-hour timeframe shows price respecting the red moving average (acting as dynamic resistance) and moving lower.
I'm setting an alert at 1.7945, close to the moving average, where I anticipate potential resistance on a pullback.
Entry Plan:
Alert Level: 1.7945
If price approaches this level and shows signs of rejection (e.g., bearish candles, wicks, or lower highs), it would confirm a possible short entry.
Stop Loss: Tight stop just above the red moving average or recent high to limit risk.
Target: Targeting continuation to the downside, with an initial take profit at the recent lows around 1.7900 and possibly lower if momentum continues.
Risk Management: Using a tight stop to protect against a breakout above resistance. Monitoring price action closely around the 1.7945 level to confirm entry.
Disclaimer: This is not financial advice, and please ensure you use your own risk management practices when trading. Let me know your thoughts and if you see similar setups!
Analysis:
The 1-hour timeframe shows price respecting the red moving average (acting as dynamic resistance) and moving lower.
I'm setting an alert at 1.7945, close to the moving average, where I anticipate potential resistance on a pullback.
Entry Plan:
Alert Level: 1.7945
If price approaches this level and shows signs of rejection (e.g., bearish candles, wicks, or lower highs), it would confirm a possible short entry.
Stop Loss: Tight stop just above the red moving average or recent high to limit risk.
Target: Targeting continuation to the downside, with an initial take profit at the recent lows around 1.7900 and possibly lower if momentum continues.
Risk Management: Using a tight stop to protect against a breakout above resistance. Monitoring price action closely around the 1.7945 level to confirm entry.
Disclaimer: This is not financial advice, and please ensure you use your own risk management practices when trading. Let me know your thoughts and if you see similar setups!
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