FX:GBPCAD   British Pound / Canadian Dollar
221 7 4
Divergence is so clear and waves are to the up side , so the current down move is only a correction.
I feel it nice to gain :) sometimes I feel it is most accurate analysis when you go against all ideas cause logically speakings banks won't lose , in other words they will not move prices to the side of majority and give them benefits , no they always move it the other way round where only few traders are there to profit and then they gain the loses of the majority which is as it is said 95% of traders.
motleifaul nawras.elghorani
You are speaking brave words. I think that it is worth to think about them. I think that your idea is true in short time ranges only and in special market situations. Even "the banks" are not in the position to determine the trend of currency markets. I worked for a bank as an fx dealer for several years and we did make losses! The volume is to high. What they do is to move the market in critical situations and in dull markets(for instance to cover the stopp orders in the European night time) and before and after news and figures when traders absent of the markets and many orders are placed. Then you can see them hunting the prices up and down again.within minutes. This is what I'm thinking about your words. I think it's worth to make some conclusions and try to predict such situations and trade against the obvious. So thanks for your thoughts!
But overall I prefer to rely on trends and patterns that reflect the big picture nobody can willingly amend.
Perhaps there is another field where your idea may be right: Shares. I think markets of shares can be easier be manipulated as the volume is not so large and there may be this or those trader in the big factory hall trading rooms who does it regularly.
I wish you good luck!
I still hold my longs (three positions with medium lots) , well see about it sooner or later.
Dear friend traderWgun what about u ? :)
traderWgun nawras.elghorani
I think we are do a correction, but don't forget that we're in a big range so bc of that selling rallies maybe safer.

But on the other hand CAD is laging AUD and NZD, which means we could see a much weaker and violent CAD when traders turn their attention to the CAD.
For now, I've a very very small long GBPCAD, but longer term it could rally big.

traderWgun traderWgun
of course short term is bullish with 5 waves down and divergence in RSI and MACD :)
plenty of useful words but last reply ( 5 waves down) makes me a little confused.
I'm also long. Here is my EW count. Also divergence on 1H RSI and hammer
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