On November 9 2022 I posted the GBPCAD trade setup on social media @AidanFX “ GBPCAD Watching for possible buying opportunities for a push higher towards the 1.5473-1.5533 area. ” and ” BUY GBPCAD at 1.5353 Stop Loss 1.5293 Target 1.5473 (1:2RR) 1.5533 (1:3RR) ”
GBPCAD 1 Hour Chart November 9 2022
Buy Trade Setup
1. Price reacting higher from the 1 Hour Demand Zone signalling a possible move higher (Red)
2. Price previously broke above the downward Lower Low/Lower High sequence (Blue Line) (ChoCh=Change of Character)
3. RSI Bullish Divergence Pattern (Black)
4. Stochastic Indicator below the 20 the oversold level
GBPCAD 1 Hour Chart November 11 2022
BUY entry at 1.5353 with Stop Loss at 1.5293. GBPCAD moves higher and blows by the 1:2RR and 1:3RR targets and hits the 1:5 RR 1.5653 target and closed trade for +300 pips (+5% gain risking 1% on every trade)
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media you too could have caught the GBPCAD move higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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