PriceActionTrading

GBPCAD NICE FORMATION WAITING FOR BREAKOUT

FX:GBPCAD   British Pound/Canadian Dollar
163 12 12
KEY LEVELS ARE PLOTTED ON THE CHART.
PLEASE READ W1 CHART BELOW TOO.
PRICE HAS CLOSED BELOW KEY LEVEL AND REJECTED FROM IT W1.
FACING A WEDGE PATTERN NOW.
D1 HAS CLOSED WITH NUMEROUS SHADOWS CUTTING THE SUPPORT TRENDLINE WITHOUT SUCCESSFULLY CLOSING UNDERNEATH IT.
LOOKING FOR BREAKOUT DOWNSIDE BUT BREAKOUT COULD HAPPEN EITHER WAY.

IF BREAKOUT DOWNSIDE, TRADE AT RETEST OF THE WEDGE LINE.
BREAKOUT UPSIDE REQUIRES MORE CONFIRMATION AS IT WOULD BE COUNTER TREND AND RISKIER.

THOUGHT THIS CHART WAS INTERESTING AS WE ARE NEARING BREAKOUT/INTENSE CONSOLIDATION.

W1
snapshot

D1
snapshot
Just a follow up.
GBPCAD broke previous swing high AND trendine.
Looking to enter long if price retraces upon favourable price action D1 H4.
I wont go right into shorting this. Uncertainty high.

snapshot
Reply
Demark trendlines, nice.
Reply
Why would you say break upside is counter trend?
Technically, weekly is still showing uptrend.
Reply
Hi casey, im taking into consideration of the previous 11 W1 bearish bars since end of Feb.
And key level of 1.85 was breached and retested successfully.
Moment it close below 1.85, previous swing high i would say its trend changing. IMO.
Overall if we talking about M1 and stuff we are still bullish, so bullish.
Thanks.
Reply
PriceActionTrading PriceActionTrading
Hi casey, I attached a chart for your reference. Please comment on it. Thanks.
snapshot
Reply
Casey_Yeo PriceActionTrading
Break of counter-trend line and now re-test. Will that change your view? :)
snapshot
+1 Reply
Casey_Yeo Casey_Yeo
mmm...I just realised all my analysis pointing to bearish CAD
Reply
Yes your analysis are spot on too. So you are a buy now? Buy till 1.85 is valid.
Reply
Casey_Yeo PriceActionTrading
No. I already short CADJPY. So not going to expose myself to more CAD trades. Even if I want to add on risk to CAD, i will have long USDCAD as posted earlier today.
Reply
Yea USDCAD. What a pin bar. I got stopped out. Now it seems to be moving on without me.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out