DESCENDING DAILY TREND . WAITING FOR COUNTER TRENDLINE BREAK FOR ENTRY
Long GBPCAD @ 1.58655; TP @ 1.65, SL your choice
Hi traders: This week I am looking for a long opportunity on GBPCAD. We can see that on the 4 hr chart, the price action is over extended to the downside, and a pullback/correction is needed. We can wait for a bullish flag or higher low on intraday chart to confirm the bullish momentum this week. Thank you for your support and feedback Joe
The Pound is trading in two descending channels simultaneously against the Canadian Dollar. The senior pattern was formed late in July, while the junior one— when the rate formed its latest down-wave on August 31. Technical indicators suggest that the rate might still appreciate in the upcoming hours, thus pushing towards the upper boundary of the junior channel...
Simple setup here on GBPCAD. The overall trend is down and we are currently in this descending channel. Potentially in for a third bounce with a decent risk to reward ratio. Stops placed above the previous high.
This is another CAD pair that I look to play. GBP's news this week has not been positive while the coming expected good news such as Manufacturing Production m/m is on Friday and in my opinion the rally yesterday is quite premature especially with CAD rate decision due today. The analysis is related to my USDCAD pick, looking at price action so far the GBPCAD...
Dash trendline seems to be showing a slight ascendance to the profit hopefully + previous support shows a massive long term setup if it moves with the pattern. Both support and dashed trendline seem to be in correlation with each other. OR We can wait for the market to retrace onto the bold trendline in which should give us a deeper profit goal.
1.633 is the source of the upmove. So long as this level is holding, I am convinced that price will be bullish Looking for long trades for this pair only.
The corrective structure of the 5-3 Wave pattern is already in play. For the Head and Shoulders to be valid there must be a break of the neckline, which for cluttering reasons I didn't draw up, but I think is obvious. Trade safe and do your due diligence before entering a trade. For further insights join me on: www.valuedbusinessconsulting.com
Add me on snapchat guys! - itsnotreallyike I'm currently short on GBP/CAD, opened at 163858 Expecting the market to push to the 162950 level. Good luck and follow me on snapchat for more updates (itsnotreallyike)
The effect has not kicked in yet, However I am seeing so long as the support at 1.63 holds this pair will go higher. 1.675 will be the tested resistance, should it get broken, it will fly up higher Disclaimer : This analysis not include personal feeling/opinion, and pure base on technical analysis Trading foreign currencies can be a challenging and...