dojitrader
Short

3 Drive May Signal Time To Short ???

FX:GBPCAD   British Pound/Canadian Dollar
166 4 3
This last blast off is trying to scare me out of this trade, but,
the harmonics are looking pretty good. What was a shooting
star now seems to be morphing into more of a spinning top
which is more neutral than bearish . It could finish at the
top of the hour as a piercing pattern.
This also seems to be an Elliott Wave triple three
(11 swings)
if the labeling is correct, perhaps another topping signal.
That leaves the possibility of one more little down and a
slight new high in this last wave c/z.
So --- Where To Place The Stops ---
seems to be the biggest question. Especially with all those
layers of resistance looking left.
I think I'll wait until the candlesticks shine more light on
the anticipated last little zig zag which may also
provide the divergence in RSI that is not yet present.
Wait till BoC statement... anything less than dovish could renew strength to Cad... Also with RSI divergence, wait for that proverbial 'last high' that usually takes out the stops for such divergence shorts ;)
Reply
dojitrader justatrader
2 years ago
Yup ~~~~ Your consideration fits well with my comments
to wait for another zig/zag to a slight new high and hope
the candlesticks create a valid signal to short. Or the
Boc and the stops harvesters could just blow this whole thing out of the water !!!!
Thanks for your thoughts -------
Reply
dojitrader
2 years ago
My goodness, such a ruckus !
I stood aside because the technical said too,
the fundamentals have clouded the short term picture.
I'll wait some more for this current candle and subsequent
candles for a clear entry trigger and hope I'm not being to
smart for my own britches thus end up missing the trade.
Reply
justatrader PRO dojitrader
2 years ago
What are the odds... that today's Canadian inflation data will strengthen the CAD..... ;)
Reply
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