GBPCAD is sitting at 61.8 Level from daily chart, weekly is downward trend.
Appears to be forming a double top. Would give further bearish momemtum.
The 61.8 AB=CD pattern is shown. With a good reward to risk factor (with small lot size)
I will only paper trade this as an exercise. However entry would be below tweezer tops. SL just above. TP down to Leg D. Appx 1:16 Risk reward if successful. This would be a long term trade. Set and forget.
Appears to be forming a double top. Would give further bearish momemtum.
The 61.8 AB=CD pattern is shown. With a good reward to risk factor (with small lot size)
I will only paper trade this as an exercise. However entry would be below tweezer tops. SL just above. TP down to Leg D. Appx 1:16 Risk reward if successful. This would be a long term trade. Set and forget.
Comment:
Price is currently fighting in a ascending triangle.
Lets wait for a break out soon.
A new chart will be created soon.
Lets wait for a break out soon.
A new chart will be created soon.
Comment:
Price is still bullish towards the 0.786 level. This is still a valid AB=CD if price respects this level and the ascending trend line resistance
It has broken out of the dashed trendline and made a retest.
lets hope soon for some good bearish movement