FullTimeTrader
Short

GBPCAD-Ready to begin a downtrend-wave 3 starting

FX:GBPCAD   British Pound / Canadian Dollar
829 6 20
Unlike the GBPAUD             , this pair is ready to make a big decline because at D1 chat price broke a clear uptrend channel making it first LL (lower low).

Convergence on macd signals the direction of the next move. Price is now making a retracement and we should find an "ideal" entry point to continue the starting downtrend.
Here on H4 chart we have:

- Price retracing to 0.50 fib (not shown)
- Expanded flat correction seems complete
- Previous wave 4 acting as resistance
- Pinbar shows rejection from the strong round number 2.05000

This could be the start of wave 3 blue (in parenthesis), so a big decline expected.

Regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).


Double top for ideal entry and then down?? >>
Reply
Yes, the deeper the retracement the better, but i think here is a good setup por a possible downtrend continuation. If fails i will consider sell higher. Regards.
Reply
Nice setup! Will wait for 1-2 of 3 as risk of 0.618/0.764 still exists.
Reply
Hi Would you watch for this trendline or not valid in your opinion ?
Reply
FullTimeTrader KevinSinghDhaliwal
Difficult to say, sometimes trendlines work and sometimes not. I prefer more reason to consider a valid setup, you can find my reasons above. Regards.
Reply
KevinSinghDhaliwal FullTimeTrader
Ahh ok. Goodluck
Reply
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