Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on DAILY: Left Chart
GBPCAD is overall bearish trading inside the red channel, and it is currently approaching the lower red trendline.
Moreover, the zone 1.60 is a strong weekly support zone .
📚 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue resistance support zone and lower red trendlines . (acting as non-horizontal support)
on M30: Right Chart
🏹Trigger => for the bulls to take over, we need a momentum candle close above the last high in gray.
Meanwhile, until the buy is activated, GBPCAD can still trade lower inside the support zone 1.60 from Daily.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on DAILY: Left Chart
GBPCAD is overall bearish trading inside the red channel, and it is currently approaching the lower red trendline.
Moreover, the zone 1.60 is a strong weekly support zone .
📚 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue resistance support zone and lower red trendlines . (acting as non-horizontal support)
on M30: Right Chart
🏹Trigger => for the bulls to take over, we need a momentum candle close above the last high in gray.
Meanwhile, until the buy is activated, GBPCAD can still trade lower inside the support zone 1.60 from Daily.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich