GBPCAD 0.01%on the 4hr time frame has produced a bull flag (in red). If we break to the upside of the bull flag , based on the shear size of the flag, we could see some hard upside momentum meeting with initial resistance at 1.8375. On the flip side, if we break to the downside of the flag we will meet with initial support at 1.8125. Either way I have marked my targets for either direction based off of a breakout of the bull flag with the green horizontal rays. Watch closely for a confirmed breakout!
On the MACD we have slightly curled signaling consolidation which confirms authenticity of the bull flag . If the MACD finds support on the dotted red line, and we see a crossover of momentum, I will be watching GBPCAD 0.01%like a hawk for the upside breakout of the bull flag!
If I were trading this I would trade the breakout in either direction to the targets. If we break to the upside specifically I will unload 1/2 of my positions at the initial target, and hold the remainder up to 1.85. If I see any signs of reversal back down I will close all positions. Conversely, If we break to the bottom of the bull flag , I will close all positions at the downside target.
**This is for educational purposes only and it is not a recommendation to buy or sell**
On the MACD we have slightly curled signaling consolidation which confirms authenticity of the bull flag . If the MACD finds support on the dotted red line, and we see a crossover of momentum, I will be watching GBPCAD 0.01%like a hawk for the upside breakout of the bull flag!
If I were trading this I would trade the breakout in either direction to the targets. If we break to the upside specifically I will unload 1/2 of my positions at the initial target, and hold the remainder up to 1.85. If I see any signs of reversal back down I will close all positions. Conversely, If we break to the bottom of the bull flag , I will close all positions at the downside target.
**This is for educational purposes only and it is not a recommendation to buy or sell**