FullTimeTrader
Short

GBPCAD-at key resistance-bearish crab

FX:GBPCAD   British Pound / Canadian Dollar
404 5 9
Today this pair reached my long awaited level. You can see my detailed analysis here:

Looking a monthly chart we can see a perfect AB=CD pattern and the 1.61 fib extension:


On W1 chart we see another AB=CD pattern and a perfect channel acting as resistance:



Here on D1 chart a perfect bearish crab is already triggered.

Everything is perfect BUT the market is very volatile today, it would be risky to open a trade in such conditions.

It depends on you, just wanted to note this.

One lesson for me, i was trying to short this pair TOO EARLY and had some succesful and failed entries.

Regards
GBP/CAD short is still valid ? I am shorting from 2.0273 until now with various level break even is 2.0570 any overview ? Thanks
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FullTimeTrader RamprasadSanthanam
Hello, please consider that im no taking all trades i published. You should open a trade following your plan. If you asked me i closed all positions last day and considering opening this one.
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RamprasadSanthanam FullTimeTrader
got it, Thank you FTT for your reply.
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is the USDCAD a good proxy for this trade ? i dont have GBPCAD on my platform
Reply
Hello, yes, the USDCAD formed a bearish butterfly today, we could still short it. Look at this idea from another member. Remember to make your own analysis and plan before opening a REAL trade. Regards.
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