IvanLabrie
Short

GBPCAD: Ichimoku and time at mode

FX:GBPCAD   British Pound/Canadian Dollar
GBPCAD             looks to be headed south, with a potential weekly time at mode downtrend in the making.
The price action supports this thesis, and we apply the ichimoku cloud indicator, the chart comes alive.

Ichimoku paints a very bearish picture, confirming my bearish bias. There is clear rejection after crossing the cloud down
and retesting it. After this, price shoots down, expanding range and triggering a daily time at mode downtrend.
As a bonus, the last two daily bars close below the Kijun sen, after a bearish tenkan/kijun sen cross occurred.

I have already entered, using a discretionary approach, but will add once I get confirmation that the time at mode weekly trend is valid. The target is 1.90509, to be reached by or before January 8th, 2016.

For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group for Forex traders, where I share trade setups and also provide traders with training, 2 private webinars per week. I'm also giving tutoring via skype calls, on a one on one basis for a different rate. Good luck if taking this trade with me.

Cheers,

Ivan Labrie
Time at Mode FX
Comment: Monitoring price action, we need to hit the arrow target today before the close to stay in.
Order cancelled
Trade active: Time to short again.
Do you think the USDCAD will follow a similar trend?
Reply
IvanLabrie PRO teddyrucks
No, don't think so.
This is mostly caused by GBP weakness.
Reply
GBP is a short against almost everything. After this BoE view change GBP is still extremely expensive in my opinion.
+1 Reply
IvanLabrie PRO Kumowizard
Exactly, for now, it's a short. Saw my GBPUSD long term forecast?
1.15 is in the cards...
Reply
I think that basically(Looking at PRICE ACTION), a new trend is being defined following the Up trend line break( not drawn on your chart). Look that price has printed two lower lows(2LL), since trend line break. The previous minor upswing could not rally beyond the high of it's prior upswing. As a filter, I use (2LHs) as a filter for bullish trend reversal to bearish. The Position of current price, therefore puts price in no man's land. Should price trade below the Prior Low of 1.97300, then the bullish reversal to bear is confirmed for me. Imagine the price at 1.97300 as the 'C' point of an 'ABC' reversal. 'C' was supposed to be the buy point. It's failure, signals bearishness. Same thing played out on NZDUSD_4H.
GBPCAD: MINOR RALLY 2 FAILURE
Reply
moorekapital moorekapital
Same thing played out on NZDUSD_4H.
NZDUSD: MY KEY TRADE ZONES
Reply
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