Technical analysis of GBPCAD breakout of wedge shows a likely setup for GBPCAD sell of ~800pips. If price breaks above our levels, it would be a false breakout. If Price continues in our direction, please wait for a breakout and retest of the lower levels before taking trade...You are still a winner if you catch 600pips. Please share your thoughts if you have an addition or correction.
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Trade active
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Price is in a mini-trend. I look an entry within the golden sone retracement for the 2nd lvl.
Price is at 7.3183, so quite low what price would be place sell stop. Or would the oil news make it rise higher from now
SwingingPrime
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@Jamh1, I just took another look at GBPCAD. On the 8h/4h/1h, price is in a downtrend on the second level. This means that there is going to be a major retracement that will pass your position by almost 90pips after this small trend. The 800pip is the long term. Please dont enter now for the 800pip move.
I will be trading the small trend, and looking for positions around the 1.74163 and 1.74360 zone (golden zone). My TP for this small trend would be around 1.72821. Please do your analysis as well. We dont use thesame brokers so the price entries and TP WILL be different.
SwingingPrime
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@Jamh1, hi...I noticed price closed within the golden zone at the 61.8% level. Did you also take the entry? I looking for price to reject that zone to my TP between Mon-Wed before the retracement that will activate the 800pips sell.
Jamh1
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Do u think it will go up to make a lower high from now
SwingingPrime
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@Jamh1, Sorry I just saw your message. hmmm, the USD news caused too large a shift. Price might retest some key levels. It might even go as far as the 1.74125 or even further at 1.74471. Ideally, I would be look for entries after a small range at those levels. Or, this is the best: set a sell stop below the lowest candle on the breakout. That way price doesnt play with your emotions.
SwingingPrime
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@Jamh1, sorry I meant oil news. USDCAD has been on my mind