This is a long term trade in daily time frame.
Wait for a correction after break out of the trend line, then enter long; because it may make another leg to downside and then again start a rally to upside.
This post has more analytical value than trading aspect.
Tomorrow is BREXIT election which can really moves the GBP pairs.
GBPJPY has the clearest elliott wave structure in GBP pairs and this structure shows that a 5 wave impulsive move ( A wave of bigger structure) could be over and now its going for a correction to upside as wave B.
So, this structure shows that...
this corrective pattern is about to end and expecting another wave to upside is coming soon.
this trade is based on previous analysis which is linked in "related ideas"
if price break out of trend to the downside, i don't interested in sell setup until i see a correction and reasonable R/R; but keep in mind break out of trend line is not about only one candle...
this is a trade within correction; so its riskier than normal trades, if you don't know how to manage it, where to enter and when to exit,don't take it.
It may continue for more upside and maybe reach the trendline and then reverse to down
USDCAD is acting corrective.
In my previous analysis of USDCAD (look at related ideas) I anticipate these waves are going to make an impulse to upside, but now they are more likely corrections than impulses.
I was waiting for this corrective trend to end for a while and it seems that it's in the last stage and ready for upside.
Today is NFP which can really moves this pair to both directions, I'm interested in upside, so if NFP run the pair to upside, I'm in, if NFP run it to downside I don't trade it until price make a clear structure.
this complex correction maybe ended and another trend to downside is coming.
this is daily view of this pair; maybe expected (Z) wave continue for 61.8% of weekly retracement fib level and lower channel line.
I was waiting for this correction to end for days and it seems to be ended now.
if you are not in the sell, wait for a correction and join the wave to the downside.
check the link on the chart to see how the structure developed and how difficult it is to analyzing it while its going corrective.
Below is the long term of what I'm expecting to...
Anticipating one more wave to the downside.
I was willing for a reversal to upside in my previous analysis, price made a trendy move to upside as expected but it's more looks like WXY correction rather than impulsive move, so it seems that still there is one more wave to downside to complete this complex corrective pattern (look at related idea link).
This is the first zigzag.
check the "related ideas" links to see what I'm looking for.
I was in the buy of this zigzag in the first stages of it; If you know how structures develop, it's possible..!
Now I'm expecting a corrective wave as wave X then another zigzag.
I saw analysts who analyse this pair (CADCHF) and they conclude that there is sell setup because of some meaningless reasons.
I anticipate there is one more wave to the upside to complete this corrective pattern and after that, there is a sell setup, but if you sell now and your stop loss is at 0.76130, there is a high probability that price hit your SL and then...