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Gbpcadidea

GBPCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 43 - 19 Oct M > Market is moving in a well respected horizontal structure (of course with minor breakouts). Price moved up to test structural resistance and dropped till monthly support to face rejection again. While dropping each month bottom wick is getting filled by next monthly candle. W > On its way down price created an M formation and as expected price moved up to test the neck before continuing with bearish move. D > We had expected price to move up to test neck of M formation but price reversed from neck after completing M formation after struggling for a week with rejection wicks. Price is now creating HH and HL, it is now moving down and we expect it to move bearish to test last weekly support in middle of the range. We will have let go of bullish target of neck of M formation for sometime. As per COT GBP saw closure of both Long and Short positions improving net positions but still in -ve, whereas N-R could not gauge the same path and they went opposite with addition of both Long and Short. Commercials closed both Long and Short positions, Short for them reducing further to least for current year. BXY had further improved its position during the said week but it weakened last week. CAD saw addition of major Long and closure of Short positions with Short positions further reducing to least for current year, improving net positions (still in -ve). CXY further gained strength during the said week but weakened a bit last week. 4H > Price is moving down creating HL and LL. We expect it to continue with bearish move but with correction pull back. Recommendation > Market is ideal for swing as well as intraday trading with each daily candle moving about 100 pips. Pair Correlation: GBPCAD has positive correlation with GBPCHF, GBPUSD, GBPJPY and GBPNZD and negative correlation with EURGBP. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
GBPCAD RoadmapGBPCAD potentially to down for +300 pips if the seller manages to push the price to the 1.6930 support level, we need to wait for price rejection to occurs before placing any sell order. **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in the comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
12
GBP/CAD Technical Analysis.Currently, GBP/CAD is trading at 1.7378. The pair is trading in a downward resistance and support channel. The price is moving towards its resistance level at 1.7396 and it can rebound back after touching resistance level. So, it is possible that after it rebounds from the resistance level it can touch its support level at 1.7217. Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade. Do follow us for future Forex trend analysis and Ideas. Thank you, Rishikesh Lilawat
Short
by rishililawat5
GBPCAD, daily timeframe, 5th wave of Elliott WaveHello my friends, Today i noticed some good setup from GBPCAD. Previously this pair make an inverted shoulders head pattern and then push straight to the upside for 700 pips in 2 weeks. I tried to fit some fibonacci tools into it and count the waves according to Elliot Waves principle. Surprisingly, it looks like this pair just finished with the 4th Wave. Wave-4 is the shortest wave and usually it stopped at 38.2 fibonacci retracement. We could possibly see wave-5 from this point onwards and usually it ends at 127% fibonacci retracement of Wave-4 Wave-4 could never touch the area of Wave-1 so we could use stop loss a little below Wave-1. In this case, my stop loss is at 1.7200 Buy GBPCAD 1.7395 Stop loss 1.7200 Take profit 1 @1.7675 Take profit 2 @1.7870
Long
by HayatoDragonFX
GBPCAD ON THE VERGE OF A REVERSAL?!**ENG** - Price breaking our consolidation box and is now heading for a retest, we are expecting more downside after this same retest, wait for an entry confirmation before entering, look at the lower timeframes (such as 15min). **PT** - Preço a quebrar a nossa box de consolidação e está de momento a caminho de efetuar um retest, estamos à espera de um drop maior este mesmo retest, o ideal será aguardar por uma confirmação de entrada em timeframes inferiores (assim como 15min).
by Wevesting