So here is why you should short GBPCAD:
-Fib retracement at 50% level
-Falling wedge (we are currently at its topper length)
-Bearish Engulfing candle
-Moving averages crossed
-High sup/res zone (orange line where candle closed bearish)
We have an ascending triangle (Bright green line)
We are in an uptrend
We had our retracement at Fib 61.80% (Cyan line-lowest level on D1 tf) and are continuing our way upwards
Uptrend (Again retracement at Fib 50%)
Inverted H&S which we broke through
Price has been consolidating for a while
BUT waiting for the bounce at the 111.711 price level...
We were in an uptrend (red trendline )
which we broke and now acts as a resistance level
Again we were in an uptrend (orange line) ..again broken acting now as resistance
We also have a descending triangle which is about to break
and a DOUBLE TOP pattern (still neckline not broken)
We have a triple top (at the above green zone)...
Descending Triangle (orange lines)
Triple top (blue line) at fib 61.80%
Waiting for structure break to short my position
MA's cross and going downwards
TP1 1.29860 (lowest blue line) ...if structure breaks!
We are in an impulsive move after the retracement of an uptrend
We have an inverted H&S at a psychological level (112.00)
which is also a strong Sup/Rez zone
We can clearly see a couple of Shooting stars/Hanging man candlesticks
which mean that price is retesting the zone but never closing above it
So my view is that price will go down till Fib...
D1: Uptrend (orange lines all refer to D1)
4H: Uptrend (blue lines all refer to 4H)
As you can see we already have hit our tested Resistance level
Which is also a whole number level (red dotted line)
So from here we have a sell opportunity
On lower timeframes you can see a lot of dojis/shooting stars etc...
So we sell (counter-trending) and set our T/P in...
-MA's crossed already
-We wait for a retrace/pullback at Fib level 61.80%
-61.80% also a significant trendline level
-A lot of confluent zones
Now we have to wait for a buy signal !!!
Also keeping an eye on that rectangle pattern
So as you can see on the 4H timeframe
we are in a downtrend and we have a retrace at fib 38.2%
At this specific point...we also have a DOUBLE TOP pattern formed
So we wait for the break of the structure
and short our position after a retest!
On a smaller timeframe (15-30M)
we can also spot a rectangle pattern formation
we have a confluent zone between the...