GBPCAD on a double bottom retracement 🦐

GBPCAD on the 4h chart reached as expected the daily support at the 1.58 area.
The price tested the area 3 times creating double / triple bottom over the support and can now look for some short time retracement to upside even though the main trend remains bearish on the weekly timeframe.

How can i approach this scenario?

I will wait for the London market open and check for a possible move to the upside.
If the price will then break above the descending trendline i will look for a nice long order according to the Plancton's Academy rules.


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Follow the Shrimp 🦐

Keep in mind.

🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.


Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.

Komentarz:

perfect double bottom as expected

Komentarz:

a 220 pips call

Komentarz:

perfect reversal point spotted and looking for a bullish continuation