Price at interesting location.
Inside bar pattern.
Further price consolidation here with more coiling inside bars will be ideal for a potential breakout trade above 2.0975.
Alternatively, wait for potential false break and double top.
here a potential bearish bat. it is only for study for me because of the big stop loss is beyond my trading plan.
B point is exact at 50% retracement, and D point has many confulences that are, extention of AB=CD, extention of BC and retracement of XA. still with a stop loss of 350 pips 38% and 61% target gives good RR.
comment appreciated.
After a fake downside movement, GBPCAS has go back above 2.0550 support, which confirms this support zone effective. If price stays above this zone, I'd like to look for long entries. If we ignore yesterday's fake movement, we could see a perfect upside trendline, and today I'd like to wait for long signal based on this trendline. Now it needs some consolidation...
Greetings Fellow Traders,
Structural update for GBPCAD shows 2 very important characteristics that occurred within the last 2 days of trading. First and foremost the Parallel Channel that was identified caused a market reaction and then was confirmed broken. Furthermore...the key technical level that has been suppressing the GBPCAD from any bullish advancement...
Price broke the desc. TL
Made a 3rd bounce from the asc. TL
Bounced off of Major resistance
(Which is also the bottom of the weekly consolidation range price is now in)
2 Targets. 1 at top of range and one at next key res.
GBPCAD made a nice three wave decline to 1.9900 level that looks like completed corrective pullback. The reason is recent recovery above 2.0200 which can be a new bullish impulse that is headed back above 2.0340 and then even towards 2015 highs.
www.ew-forecast.com
GBPCAD looks to be headed south, with a potential weekly time at mode downtrend in the making.
The price action supports this thesis, and we apply the ichimoku cloud indicator, the chart comes alive.
Ichimoku paints a very bearish picture, confirming my bearish bias. There is clear rejection after crossing the cloud down
and retesting it. After this, price shoots...
Greetings Fellow Traders,
Brief Overview (Check Below for detailed individual charts for educational reasons):
I want to take a moment to organize my thoughts for you revolving around a pair I had a great trade off of a Head and Shoulders pattern a couple of weeks ago. It's important to understand the big picture as much as possible so you can make the most...
After break of trend line last week price came back to re-test the trend line which held up and now has pushed of it leaving a tweezer bottom candle formation in place which add too confluences.
Also weve been getting higher highs and lower highs which clearly show bullish trend and momentum
so for me i will be long on this pair
Happy trading ;)
