GBPCAD Trading Play

Hi Guys and Gals,

Here's my analysis of GBPCAD basing it on the daily and 4hour.

I firstly see a reversal move that occured followed by this Spike up and price now moving up (creating higher lows) in this upward sloping channel.

We are currently at the bottom of this channel and i'm looking for long moves to buy.
On the 4 hour time frame, i'm waiting for this next bar to be a bull bar that closes above the high of the previous bar being that doji.
We can look in closer on the smaller time frame also to enter on a tighter entry as the move forms to it's 4 hour bull candle.
There will be more accuracy however if the entry is made on the 4 hour close of candle.

On a bigger scope, we are in a trading range. So i'm looking for price to eventually extend to the top of the range, being approx 600 pips away.

Once price breaks above this channel, i will continue buying. For now though, i will scale into my position from the bottom of this channel to the top. Taking partial profits at the top of the channel and leaving the rest run if momentum takes price above and breaks the upper trend line of this channel. I'll place my stops in a position relatively close, between the midpoint and top of channel, just in case price reverses and goes back down, making that trade idea invalid.

I hope this all made sense. If there's any questions please feel free to ask.

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