hayatohito
Long

GBPCAD, daily timeframe, 5th wave of Elliott Wave

FX:GBPCAD   British Pound / Canadian Dollar
Hello my friends,

Today i noticed some good setup from GBPCAD . Previously this pair make an inverted shoulders head pattern and then push straight to the upside for 700 pips in 2 weeks.
I tried to fit some fibonacci tools into it and count the waves according to Elliot Waves principle. Surprisingly, it looks like this pair just finished with the 4th Wave.

Wave-4 is the shortest wave and usually it stopped at 38.2 fibonacci retracement .
We could possibly see wave-5 from this point onwards and usually it ends at 127% fibonacci retracement of Wave-4
Wave-4 could never touch the area of Wave-1 so we could use stop loss a little below Wave-1. In this case, my stop loss is at 1.7200

Buy GBPCAD 1.7395
Stop loss 1.7200
Take profit 1 @1.7675
Take profit 2 @1.7870

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