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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup
#GBPCAD
Total Profit: 4292 pip
Closed trade(s): 1226 pip Profit
Open trade(s): 3066 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 1.6381 based on 'Valley' at 2019.10.02 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.6420 touched at 2019.10.03 with 39 pip Profit.
TP2 @ 1.6585 touched at 2019.10.11 with 204 pip Profit.
TP3 @ 1.6770 touched at 2019.10.11 with 389 pip Profit.
TP4 @ 1.6975 touched at 2019.10.16 with 594 pip Profit.
39 + 204 + 389 + 594 = 1226 pip

Open Profit:
Profit for one trade is 1.6892(current price) - 1.6381(open price) = 511 pip
6 trade(s) still open, therefore total profit for open trade(s) is 511 x 6 = 3066 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1.6585 is broken, we will close open trades.
  • Price may also reach 1.6585, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to Trend Hunter Strategy, and depends on personal strategies.

DateNovember 9, 2019 - 17:55
Currentuptrend
Forecastcontinuation of uptrend
Last weekBearish

Midterm forecast:

  • 1.6585 is a major support, while this level is not broken, the Midterm wave will be uptrend.
  • We will close our open trades, if the Midterm level 1.6585 is broken.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.7080 on 11/01/2019, so more losses to support(s) 1.6770 and minimum to Major Support (1.6585) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 57.

Take Profits:

  1. 1.6420
  2. 1.6585
  3. 1.6770
  4. 1.6975
  5. 1.7135
  6. 1.7315
  7. 1.7535
  8. 1.7725
  9. 1.8415
Click on the level to view price action history.