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According to Elliot Waves Stratigy Mixed with Fibo levels and Trend line
We have also entered GBPCAD long as we had a confirmed intra day 50/50 bounce.
Again we have a 1:1 RR (not the best I know) but our stoploss is very unlikely to hit as we kill the trade once price closes BELOW 13 EMA.
Let's see how this works out :)
GBP increase 3% in long position, cad also increase 6% in long but net position indicate for weakess in cad, while open interest shows bullish movement in GBP.
The price made a triple top within the downtrend line on the daily chart. After it, it broke the consolidation and now came back for the retest, already showing signs that the sellers are coming back to the game. I`m gonna wait for a strong price action and then I`m going short.
Details in Chart
GBPCAD is down trending due to printing LHs & LLs, and it is moving in a descending channel, recently price action seems to print a new LH as a typical counter-trend and has reached to upper down trend channel and then inner counter trend line has broken and pulled back to near it, also forming a Head and Shoulder pattern is possible.
All in all this is an short ...
If this thing shows good short pattern at that point, it is good to sell. Very goor R/R ratio also.
GBPCAD will fall soon after hitting the Strong resistance line or after completing the harmonic pattern.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
GBPCAD possible goes down for next support zone
GBPCAD Goes up for next resistance level
It was a really good set up to short this pair but I missed the previous 2 entries so I am not rushing in. If the pullback doesn't happen, that's fine, there thousands of other trades out there. Don't run after the trades, let them come to you and stick to your strategy.
long gbpcad at 1.6930 to target 1.7050 =120 pips
- rsi bearish divergence
GBP/CAD just made fake broke of 2 months low 1.7052. On the chart, we can see that currency rate bounced up on 725 pips from that level.
For me, it is a safe place where I can open a Long position.
I opened buy at: 1.7064
Many of you wrote to me about loses on USD/JPY.
Dear Friends, you need to know that I don't guarantee you that ...
However overall i am bearish GBP markets since GBP index is weaker across the board, but for now i am looking to buy this market around this support and will hold till my green MA, thereafter i expect it to start fresh falls.
Look for buys if you have your trading strategy.
GBPCAD accelerating in a multi-days bearish channel, with succession of lower top, i am expecting it to make a new low over the coming days, since momentum indicators are suggesting the view as well, if you have your trading strategy, look for short plays.
GBP/CAD wasn't able to keep up with the bullish daily trend move and moved under the 50 ema once again.
It is now not showing any good signs of support and is barely able to keep it's current level. It's making more lows.
I expect a break below the current support zone to happen within the next 48 hours.
A good move to keep an eye one.
Happy trading! Follow ...