Queen's Currency Got No Chance in Short Term

FX:GBPCAD   British Pound/Canadian Dollar
175 10 6
Long lasting corrections necessitate steep fans. Putting the beginning of the fan to the beginning of the wave 1, and aligning 1/1 at where the wave 2 ends, we see that the price was rejected by 1/2, which also shows the strongest weekly RSI . Now we see a retest of the same level, but the price came from a very low level uninterruptedly, so for 1/2 to be broken, we have to see at least a little bit of correction.
Experimental lines approach:
IvanLabrie PRO YuzukiChan
Check out Yacine Kanoun and jangseohee's work here. They are good with trendlines and channels.
There's another guy too, look4edge.
I prefer other methods, but they seem to do well with that.
+1 Reply
YuzukiChan IvanLabrie
Hi! Thanks for the names. I know those lines are so very similar to channel and support-resistance techniques, but I see them as something which depends on a completely different context. The technique will unfold as I gain more experience. But anyways channel and trendline based ideas must be inspiring for my enterprise : )
YuzukiChan IvanLabrie
Thanks for the names. Channel and trendline techniques would obviously be inspiring for my attempt, but I actually envisage the lines approach to be something which is based on a theory in a completely different context.
I'll short the pullback now. Gonna be a quickie, just warning.
IvanLabrie PRO IvanLabrie
Take a pick...either of those might be the turning point in my opinion.
I wouldn't short for now.
+1 Reply
I'd still aim higher. We moved above a significantly strong resistance as per my time at mode analysis.
Personally, I'm long GBPUSD, and staying away from other GBP crosses for now.
+1 Reply
YuzukiChan IvanLabrie
Yup! I'm waiting for a lower degree downward five. Then, I'll wait for a pullback to trade C. Cautious mode on!
+1 Reply
IvanLabrie PRO YuzukiChan
Indeed...let's just trade C's and not try to guess the actual turning point!
+1 Reply
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