GBPCAD: Bound to go down
Updated
Hi traders,
On the GBPCAD I'm looking to enter short at the completion of this potential bearish bat pattern. This pattern will complete with an AB=CD pattern. We can see that price has taken 119 hours to gain 1.59%, while it took 47 hours to drop 2.04%. Meaning that it's likely to see a drop.
At this point in time, I don't really see any other good entry, so I'm just waiting for this bat pattern to complete. I wouldn't be surprised if we see a drop sooner.
Entry: 1.68548
Target 1: 1.67300
Target 2: 1.66325
Good luck traders!
On the GBPCAD I'm looking to enter short at the completion of this potential bearish bat pattern. This pattern will complete with an AB=CD pattern. We can see that price has taken 119 hours to gain 1.59%, while it took 47 hours to drop 2.04%. Meaning that it's likely to see a drop.
At this point in time, I don't really see any other good entry, so I'm just waiting for this bat pattern to complete. I wouldn't be surprised if we see a drop sooner.
Entry: 1.68548
Target 1: 1.67300
Target 2: 1.66325
Good luck traders!
Note
Went down as expected :P
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