Wave-Trader
Short

GBPCAD Big Drop is ahead ( Lower degree correction and sell )

OANDA:GBPCAD   British Pound / Canadian Dollar
Hi there,

We were long on the GBPCAD from bottom. Looks like the bullish wave is about to end and now time to look for short on the GBPCAD .

How we can trade on this chart.

We are having very nice strong bearish impulse just watch for the retracement against that on lower time frame and look for that correction to breakdown.

You can get in the market before the breakdown or on breakout.

In case price close above the previous high than it will change the bearish setup.

If we are not going to see downside continuation and price is going to turn into a bigger daily correction then we will look for buy back to the previous high.

Hope that will help. If not then follow the updates.

Good Luck

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Comment: Please support the setup with your likes, comments and by following on TradingView thanks
Comment:
Is it enough to bounce up?
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Muchas gracias en el análisis del XAUUSD me forre, saludos desde Ecuador.
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Great Analysis.
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I disagree with your analysis. I believe trend lines are good reference but not triggers to trade off of. Personally I see a long setup here. I also do analyze with wave trading.
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colinbrazendale GurekmannGill
@GurekmannGill, Interesting but so far @Wave-Trader yellow line is holding. Only if this yellow line breaks the pattern will change.
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GurekmannGill colinbrazendale
@colinbrazendale, I also commonly see consolidation on the trendline before reversal... zoom out and it looks like that.
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Best pair to trade against GBP is EUR,USD,JPY. CAD also has its own trade programs with USA.
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So we wait until it hits around 1.70934 range to enter as sell?
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Thanks very much for your analysis sir!
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Cant wait! Thnx.
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