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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup

#GBPCAD
Total Profit: 6020 pip
Closed trade(s): 1827 pip Profit
Open trade(s): 4193 pip Profit

Trade Setup:
We opened 11 SELL trade(s) @ 1.7933 (day close price) based on 'Two-day reversal candle (Shooting Star)' at 2018.04.17 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7820 touched at 2018.04.19 with 113 pip Profit.
TP2 @ 1.7535 touched at 2018.05.01 with 398 pip Profit.
TP3 @ 1.7425 touched at 2018.05.03 with 508 pip Profit.
TP4 @ 1.7125 touched at 2018.05.22 with 808 pip Profit.
113 + 398 + 508 + 808 = 1827 pip

Open Profit:
Profit for one trade is 1.7933(open price) - 1.7334(current price) = 599 pip
7 trade(s) still open, therefore total profit for open trade(s) is 599 x 7 = 4193 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1.78200 is broken, we will close open trades.

DateJuly 1, 2018 - 16:06
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.78200 would begin in Midterm.
  • We will close our open trades, if the Midterm level 1.78200 is broken.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of resumption of downtrend is increased.
  • A peak is formed in daily chart at 1.7770 on 06/22/2018, so more losses to support(s) 1.7125, 1.6825, 1.6565 and more depths 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 44.

Take Profits:

  1. 1.7820
  2. 1.7535
  3. 1.7425
  4. 1.7125
  5. 1.6825
  6. 1.6565
  7. 1.6230
  8. 1.5755
  9. 1.5285
  10. 1.4830
Click on the level to view price action history.