4xForecaster

GBPCAD - Kiss Of Death Completion; Counter-Trend Opportunity

FX:GBPCAD   British Pound / Canadian Dollar
601 1 4
Friends,

Here is a pattern worth considering, named "Kiss Of Death", or KoD for short, as defined in the chart.

Typically, the pattern is defined by a larger parabola exceeding the apex of a preceding, smaller parabola, reaching a value in the vicinity of a double-top relative to each parabola, but triple top when consider the two parabolas together.

As with any other pattern, the success rate of counter-trend event at the triple top is not 100%, but this one represents is worth adding into your armamentarium. As of this writing, price is nearing TG-1 = 1.85929, which represents a probable reversal level independent of that KoD, so taken together, there is added sense to consider a counter-trend reversal near that level.

As usual, this is all for educational purpose. Do not trade without doing your own due diligence.

Cheers,

David Alcindor
TradingView.com Moderator


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KoD has been invalidated as price spiked above both parabolas' bases (i.e.: the flat tops of each inverted parabolas). We are now setting our sight on 1.87623 as a probable top - Here is an updated version of the chart: https://www.tradingview.com/e/VCWbgE0o/ - We recommend keeping your stop-losses quick close. By default, our SL are set at a fixed 1.131-Fib extension above the red line. We use the larger parabola as the impulse leg against which 1.131-Fib is measured, or a percentage of an appropriate loss exposure (sound money management), which ever is highest - David
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