piphunters
Long

GBPCAD: Perfect opportunity for longs

FX:GBPCAD   British Pound/Canadian Dollar
1066 16 34
GBPCAD             has broken put of the 4 month corrective structure signalling that it has ended and the next impulse has begun, price has broken out and is now retesting the previous structure presenting a perfect opportunity for long positions.
Nice!!
+1 Reply
piphunters shareefissey
thanks mate.
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What about consolidation area between about 2.0960 and 2.1570 as you can see at 2007-06-11? It's a big one so I expect price to at least move once to 2.14 region but I wouldn't be surprised to see some (minor) correction afterwards.
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piphunters _VincentP_
as I trade based on structure only I am not considering that consolidation to have an impact on the current structure in this setup.
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Nice idea, your chart is making this setup very clear, thanks for sharing. What you suggest for SL?
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piphunters Piet.Hein
Thanks, your stop will actually depend on the strategy you would be using to trade breakouts, you can place it below the top trend line in the correction breakout (not very visible in this chart, you can refer to daily chart and plot it) or if you are very conservative in your stop you can place it below the bottom trend line of the corrective structure which would still be not bad given the target in terms of risk reward.
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Piet.Hein piphunters
man, Im a SL maniac, very conservative, because of that I like to take very good levels, so that my RR can still be very good. I will wait and see if market give better levels, if not its ok. My stops must be always protecting me from lasts swings. Good luck on this trade!
+1 Reply
Could also be correcting at end wave 5?
snapshot
+2 Reply
it should go past the high pretty soon, I don't think any more corrections will be there this point
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I also think that it will past the high quickly, agree with piphunters
+1 Reply
I see a channel with endless possibilities
snapshot
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Piet.Hein NidalDarawsheh
good chart!
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I would watch out longing gbpcad here. It is time for a big retrace.
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piphunters Yahia.Awes
let's wait and see.
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piphunters Yahia.Awes
nice
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