ForceFollower
Long

GBPCAD At Quadruple Tops

FX:GBPCAD   British Pound/Canadian Dollar
76 5 0
It looks like this pair is meeting a very strong resistance at the recent tops at 1.855, as it formed quadruple tops. Now it may get pressed downward and make a new low, instead of the expected by me new high. However, at the last retracement it went only as far as Ret-0.382, so it is also possible that the bulls will be strong enough to overcome that resistance and push it up to new highs. And that is actually my bet. Now I only wonder what the market's answer is going to be.
motleifaul
2 years ago
I hope that you don't mind me to have just sold a small portion of this. In the 4-h-timeframe it looks to me if it wants to see the median line. I didn't put so much attention to your ----. line, despite I must admit that it seems to have some relevance; even more than the upper pronk of the fork.
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ForceFollower
2 years ago
I understand your decision. It can resolve itself downward just as well as it can go up. The price has stopped and reversed at the sloped switchback resistance, which bodes ill. But it is still my favourite market to trade. Maybe it will only pop up above those tops and reverse at APP-0.500 (50% extension) but some people on twitter believe that if it breaks through the tops, it will make a nice run.
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motleifaul ForceFollower
2 years ago
I closed this position already with null. As I am CADJPY long now it would have been to much CAD exposure for me.
But I'm still not sure whether it is better to buy the CAD against the GBP or the Yen. I had to decide and took the JPY.
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ForceFollower motleifaul
2 years ago
Sure, your risk management is of the utmost importance. I'm still long here, expecting to see the fifth test of the highs, wondering, if there will be a breakout or not.
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ForceFollower
2 years ago
I have closed 90% of my long position, just in case the red fork below was to exert its force on price. But I'm not going short yet.
snapshot
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