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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD
Total Profit: 6676 pip
Closed trade(s): 5412 pip Profit
Open trade(s): 1264 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.
TP5 @ 1.7135 touched at 2019.11.18 with 754 pip Profit.
TP6 @ 1.7315 touched at 2019.12.03 with 934 pip Profit.
TP7 @ 1.7535 touched at 2019.12.13 with 1154 pip Profit.
TP8 @ 1.7725 touched at 2019.12.13 with 1344 pip Profit.
39 + 204 + 389 + 594 + 754 + 934 + 1154 + 1344 = 5412 pip

Open Profit:
Profit for one trade is 1.7013(current price) - 1.6381(open price) = 632 pip
2 trade(s) still open, therefore total profit for open trade(s) is 632 x 2 = 1264 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 1.69750 is broken, we will close open trades.

DateJanuary 4, 2020 - 21:25
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.73150, beginning of downtrend is expected.
  • We make sure when the support at 1.69750 breaks.
  • If the resistance at 1.73150 is broken, the short-term forecast -beginning of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 1.69750 is broken.

Technical analysis:

  • The RSI support #1 at 57 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.7790 on 12/13/2019, so more losses minimum to Major Support (1.6975) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 42.

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.