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
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LIKE OR COMMENT IF YOU FOUND THIS IDEA INTERESTING/EDUCATIONAL/"MISDIRECTIONAL"/HELPFUL AT THE VERY LEAST. THANKS.
Reply
Casey_Yeo
2 years ago
Why would you say break upside is counter trend?
Technically, weekly is still showing uptrend.
Reply
PriceActionTrading Casey_Yeo
2 years ago
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
2 years ago
Hi casey, I attached a chart for your reference. Please comment on it. Thanks.
snapshot
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Casey_Yeo PriceActionTrading
2 years ago
Break of counter-trend line and now re-test. Will that change your view? :)
snapshot
+1 Reply
Casey_Yeo Casey_Yeo
2 years ago
mmm...I just realised all my analysis pointing to bearish CAD
Reply
PriceActionTrading Casey_Yeo
2 years ago
Yes your analysis are spot on too. So you are a buy now? Buy till 1.85 is valid.
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Casey_Yeo PriceActionTrading
2 years ago
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.
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PriceActionTrading Casey_Yeo
2 years ago
Yea USDCAD. What a pin bar. I got stopped out. Now it seems to be moving on without me.
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PriceActionTrading PriceActionTrading
2 years ago
IF USDCAD closes above the pin bar today. I may consider buying at a correction if price does not go too far up.
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Demark trendlines, nice.
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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
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