FullTimeTrader
Short

GBPCAD-strong rejection from 0.61 fib

FX:GBPCAD   British Pound/Canadian Dollar
805 7 23
This pair is on clear downtrend, we can see the series of LH, LL forming.
Price made a last pullback to the 0.61 fib and found strong resistance there, suggesting the decline will continue.
We have also:

- bearish hidden divergence on MACD
- RSI trendline broken
- mutiple candlesticks rejecting the zone
- triple top with divergence (H4 chart)
- bearish shark (H4 chart)

snapshot

Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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I have been following up on this, are we still trading this? it seems its breaking above even though there isn't much support above.
Reply
FullTimeTrader SrikanthRaj
Hello, the trade is still valid. Now we have a double top with divergence, also a sell signal, regards.
Reply
Thanks for sharing this great trade! Totally agree. I will be in the trade until Thursday, I don't like to trade among the news. Have a nice day, and thank you again for your work!
Reply
Nice. My Short-Term View:
snapshot
Reply
Good setup, price is already breaking last trendline. Regards.
Reply
Nice trade as always! Don't you think it is a little bit risky open this trade with Thursday 5th Bank Of England meeting?
+2 Reply
FullTimeTrader HermannHesse
Hello, you are right, trading is rarely perfect, there is always a BUT to consider. We have two days left, we can open the trade now and depending on each trader close all positions, move SL to BE or take partial profits before the news. Regards.
+3 Reply
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