GBPCAD has formed a significant bullish engulfing with a big wick on the 4H time frame.
Confluences:
Huge bullish engulfing candle with a big wick engulfing at least 4 previous candles.
Huge bullish engulfing pattern on the weekly time frame.
20EMA rejection.
Current uptrend.
1st entry: 50% Entry with 1:2 risk to reward.
Safe SL below engulfing low.
2nd entry: Entry after huge wick through 38.2%, 50% and rejecting 61.8%.
Risker SL below confirmation candle low which is also the 2nd higher low.
1:3 risk to reward.
30m time frame allows a perfect view of the 2nd higher low forming which is the ideal entry point for this strategy.
Confluences:
Huge bullish engulfing candle with a big wick engulfing at least 4 previous candles.
Huge bullish engulfing pattern on the weekly time frame.
20EMA rejection.
Current uptrend.
1st entry: 50% Entry with 1:2 risk to reward.
Safe SL below engulfing low.
2nd entry: Entry after huge wick through 38.2%, 50% and rejecting 61.8%.
Risker SL below confirmation candle low which is also the 2nd higher low.
1:3 risk to reward.
30m time frame allows a perfect view of the 2nd higher low forming which is the ideal entry point for this strategy.
