Level 1 - Strong Bullish move from the Market Makers after a 'W' reversal on the Daily Low (Support)
Level 2 - Frequent Market consolidation and then a weaker bullish move by emotional traders without Market Maker support
Level 3 - Less Consolidation and potential 'M' or Double Top formation. First peak has reached Weekly/Daily High (resistance)
Note: High...
I trade based on 3 Levels as described on the chart.
Level 1 - There was a W reversal on the Daily Low which led to a strong bullish move by the Market Maker (MM)
Level 2 - There was a consolidation (which also can be seen as a correction) that then led to a weaker bullish move that was market-driven by emotional traders, in the absence of market makers...
Price is forming another Double Top on the GBPCAD (H4) anticipating to sell at the Weekly High.
The weekly High is a strong resistance zone because historically and recently, price kept falling from the price 1.77820, therefore another fall is anticipated.
There is also High Impact news on the GBP affecting consumer confidence and there is an anticipation that...
The weekly timeframe is about to form a 'Double Top' formation
Price is expected to sell at previous resistance according to its past in May 2017
Although it looks like an uptrend, price is expected to fall and hit trendline target and then retrace back.
All annotations are in the graph.
I look for optimum entry positions to get the maximum amount of pips.
Weekly Timeframe is going to form a Double Top formation
Price expected to fall from 1.43150 (around that area) - at the moment, it will continue to rise because it has bounced off trendline
300+ pips is the reward if it touches trendline
Reward 1:7 in the long run
Weekly timeframe shows a Double Top formation and has already made the sell from the high @ 1.79929
Daily timeframe is now forming a Head and Shoulders which is also the retracement of the Weekly sell
Price is expected to sell @ 1.78400
Take Profit 1 is expected to hit 1.75940
Take Profit 2 is expected to hit 1.73900
