GBPCAD-If you missed the GBPAUD you can't miss this one

FX:GBPCAD   British Pound / Canadian Dollar
469 2 9
Hello, the market always amazes me, this is why i consider trading not a job but pure fan.
We must respect the market and interpret what it is telling us, not trying to force our point of view or interpretation.
I entered short the GBPAUD             but with a very small risk because of rate news, not bad but could be better. This time i will adjust my entry strategy.

A lesson to learn about what happened with the GBPAUD: according to W1 chart analysis we see the price is making a clear WXY correction.
The last relationship was WaveC=1.61 Wave A (exactly!!)

Here on GBPCAD             we see now the same scenario, the WaveC=1.61 wave A relationship is already completed near 2.05000

BUT we have strong rate news for GBP on Thursday, we must not ignore this because price can go very fast on any direction after the news.
My prefered scenario is short because GBP is extremely overbought now, but we can never be so sure.

Here is my strategy:

- I will place a market sell order with the targets shown on the chart (prefered scenario)
- Just in case of positive rate news for the GBP i will place a buy stop orders above the highs

A "perfect" win/win plan, lets see what happens.

First target: near 2.000
Second target: near 1.95
Third target: the long term trendline

Best regards

This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.
Perfect entry mate, good one :)
FullTimeTrader moneymaking
Thanks, correlation is another great tool i use. You can see also my idea below on EURNZD, it seems starting to make a correction.

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