Here with GBPCAD i am looking for a possible swing trade.
Looking at the H4 chart, I have marked the blue area as the most recent high that was formed. We have also failed to make a lower low after this high was formed, which indicates a possible trend reversal. We have already had a H1 candle close above the blue area, however I am looking for an H4 close above the blue area to confirm the trend reversal.
After we get an H4 candle close above the blue area, I will keep an eye on this paid for a possible pullback into the blue area. Once we get that pullback I will start looking for buying opportunities for the swing trade.
However, as no Higher High has been created as yet, we are still in a downtrend.
So patience is key. Wait for the break of the most recent high and then a retest of that level.
If we don't get an H4 closure above the blue area, then I will continue to look for selling opportunities to continue the move down.
Looking at the H4 chart, I have marked the blue area as the most recent high that was formed. We have also failed to make a lower low after this high was formed, which indicates a possible trend reversal. We have already had a H1 candle close above the blue area, however I am looking for an H4 close above the blue area to confirm the trend reversal.
After we get an H4 candle close above the blue area, I will keep an eye on this paid for a possible pullback into the blue area. Once we get that pullback I will start looking for buying opportunities for the swing trade.
However, as no Higher High has been created as yet, we are still in a downtrend.
So patience is key. Wait for the break of the most recent high and then a retest of that level.
If we don't get an H4 closure above the blue area, then I will continue to look for selling opportunities to continue the move down.