GBPCAD
We have a valid harmonic pattern, which, if materializes, could bring the pair down as low as 1.6950.
Comment:
The price has decided to form an extended version of the pattern, resulting in a higher D point. The harmonic pattern is still valid, with the T/P remaining at the same level
Comment:
I'll push my luck with GC. It's near the resistance, and the ultimate level where his pattern remains harmonic is at 1.7189. Sure, it's not the best entry, but I'm willing to risk it.
I'll push my luck with GC. It's near the resistance, and the ultimate level where his pattern remains harmonic is at 1.7189. Sure, it's not the best entry, but I'm willing to risk it.
Trade closed: stop reached:
But it was nice to observe the price action around valid harmonic levels. Better luck next time.
Comment:
Unfortunately, we do not see the future and do not know if the pattern is going to materialize or not. The CD leg extended to its maximum until the whole pattern broke.