Price has completed a five wave up move which ended with a sharp move to the down breaking the trendline acting as support to this five wave move. As we can see in the chart price has also retested the broken level and is about to sell off. A divergence with MACD supports my thoughts for going short with GBPCAD.
Nice man, how do you get the macd to look like that. Thanks
Fxprotrader
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Search for MACD 4C in the public library of indicators..
Piet.Hein
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Good luck ;)
Fxprotrader
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Thank you a lot..
SmilingSword
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Will it restesr to what point
Fxprotrader
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Now it's ok to sell.. Smaller correction is over
pathaniasourabh
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nice setup, wht's the sl for sell ?/
Fxprotrader
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Thank you.. We have to wait for a correction to be over with a new breakout. Then you will place your stoploss above the previous swing point of your correction. If you want to sell now place your stoploss above wave 5.