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Analysis of #GBPCAD
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Strategy: Bearish Chyper With potential Max R/R 2.49
The first harmonic pattern in the picture, which is bearish gartley (the letter W, pink), we can see the price fell around 70% retracement of the projected height of foot C to D. Maybe for moderate traders, they will target the profit on foot C (100%), then ... Yeah, the price touched that level.
The next harmonic pattern, which is bullish gartley (letter M,...
First three legs went smoothly... PA on leg CD its a little clunky... but the things is that we have very important news on both sides:
a) JPY Unemployment Rate, (today 6:30 pm EST)
b) CAD GDP (tomorrow 8:30 am EST). Forecast for this one does not look too good, so it might drive CAD down.
Numbers look like:
TP1: 85.287 (.382CD 1.37...
equal measure move (XA=BC)
possible Cypher setup
4 fibonacci confluence
wait for RSI confirmation
Wait for Candle formation (Doji, Pinbar, or Lower low Lower Close candle)
if target touched, be ready for Chyper pattern!
This is GBPUSD Weekly Chart projecting A to B B to C and C to D legs.
Please follow your own analysis I am just sharing what I have projected to come to pass. I will be doing more analysis with GBPUSD to confirm this.
Long to 1. 48607 split trade into 2 positions and TP 1 at 1.45835 for position 2 set a Trailing Stop so the position closes in profit. No need to...