Markn92

Level 3 'M' Formation of the GBPCAD Chart

FX:GBPCAD   British Pound / Canadian Dollar
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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 support

Level 3 - There was less consolidation, but now the first Peak of the M has touched the Peak Formation High and now price is showing a Bullish Engulfing candlestick which tells us a short-term uptrend, expected to hit the second Peak of the M (as per Entry Price) for a big drop from the Market Maker. The expected downward move will then be the Level 1 of the cycle.
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