HayatoDragonFX

GBPCAD, 4hr tf, elliott wave analysis

Short
FX:GBPCAD   British Pound / Canadian Dollar
Hello my friends,

This is another setup before we close this month.
This pair a little bit tricky to analyze because i tried analyzing it with Elliott Wave .

As you can see there is a possibility that we're currently on Wave-3 and this wave is an extension.
This mean Wave-3 consists of 5-3 waves as well.
In my opinion we are on Wave-4 of this extension which is shown by the (iv) mark.
Basic elliott waves rule is wave-4 never touch wave-1 area so we could use wave-(i) last point as our stop loss to invalidate our analysis.

Sell GBPCAD 1.7290
Stop loss 1.7375
Take profit 1.6850

RR ratio 1 : 5.1 (5.1R)
Use only 1-2% risk
Good luck

Comments

Appreciate your insights. It helps a great deal. Thank You
Reply
HayatoDragonFX sherizaanl
@sherizaanl, thanks, don't forget to follow for updates on all my positions
Reply
Good job
Reply
@Saeed966, thanks
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out