FX:GBPCAD   British Pound / Canadian Dollar
Sticking with the small downwards trend line , I would wait for a retest of the trend line and then look to get short. The next level below I see would be where I set my take profit.
Comment: Price consolidated sideways out from under my trendline and looks like it may use it now as possible support. I think the bigger observation is the new lower higher that occurred at the 1.77800 level. This seems to be a turning point and has price moving lower.
The 1Hr chart still has the 50 EMA containing price. We have lower highs and lows on the 1Hr, though i wouldn't like to say we have established lower highs and lows yet.
The daily time frame still has an overall uptrend to it, so of concern is the counter trend move i have recommended in my set up. I feel if we ignore the trendline we still go lower. Certainly price may pull back giving a double top at 1.77800. This maybe what traders need to confirm the move lower. A lot of indecision during today.
Over to you
Comment: wrong again, I thought the 1.77800 would act as resistance. This is why I don't trade the lower time frames, you have to monitor the chart day trading style. SWING TRADING allows us to set and forget with stops and TP in place. The lesson to take out of this is that consolidation can be a sign of a reversal.
Often a move lower or higher sometimes has is followed by a reversal or consolidation then the reversal
Trade closed: stop reached
Comment: i just read what i wrote, that last sentence needs work
Comment: IN ADDITION I didn't watch that price having consolidated out from under the trend line to the upside, and going short was straight into my own projected downwards sloping trend line. I contradicted myself with this set up display. STUPID.
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