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Gbpcadsetup

GBPCAD | Perspective for the new weekMy last publication successfully predicted 500pips in our direction (see link below for reference purpose) and it is now obvious that the GBP/CAD has seen the movement of price caught within a uniform range sandwiched in between CA$1.76000 and CA$1.68000. Since the beginning of the year, GBP/CAD has been trending lower as it appears to have found a new Supply zone @ CA$1.74000. A better oil outlook in the new year continue to support the Canadian Dollar as an increase in oil production might stimulate market demand hereby boosting the Canadian currency. Tendency: Downtrend ( Bearish ) Structure: Channel | Supply & Demand Observation: i. Since June 2020, the price has respected the Flat Channel with no signs of Breaking the Supply zone as we continue to find Lower Lows. ii. The new Supply zone found @ CA$1.74000 shall be a yardstick to maintain the Bearish bias in the coming week(s). iii. This been said, a significant Breakout of CA$1.75000 might render this bias invalid... Trade consciously! Trading plan: SELL confirmation with a minimum potential profit of 450 pips. Risk/Reward : 1:3.5 Potential Duration: 7 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
3
GBPCAD, 4hr tf, sell the bearish engulfing rejectionHello my friends, Another setup for you is GBPCAD pairs. If you find this post useful, don't forget to give this post a like and follow me for my next update. As you can see there is a bearish engulfing rejection exactly at 1.7180 resistance. There is also descending trend line at this area so we could say this is an area of confluence. Previously i posted about GBPCAD bearish with elliott wave analysis Some friends might not able to catch those trade and being left out. Well, don't worry because this could be another opportunity to enter here. As for those who already enter this trade, then you could use this opportunity to add some more positions. Sell GBPCAD 1.7170 Stop loss 1.7240 Take profit 1.6960 RR ratio 1 : 3 (3R) Use only 1-2% risk Good luck Disclaimer : I sold GBPCAD from 1.7170
Short
by HayatoDragonFX
GBPCAD, 4hr tf, elliott wave analysisHello my friends, This is another setup before we close this month. This pair a little bit tricky to analyze because i tried analyzing it with Elliott Wave. As you can see there is a possibility that we're currently on Wave-3 and this wave is an extension. This mean Wave-3 consists of 5-3 waves as well. In my opinion we are on Wave-4 of this extension which is shown by the (iv) mark. Basic elliott waves rule is wave-4 never touch wave-1 area so we could use wave-(i) last point as our stop loss to invalidate our analysis. Sell GBPCAD 1.7290 Stop loss 1.7375 Take profit 1.6850 RR ratio 1 : 5.1 (5.1R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
4
GBPCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Market is moving in a well respected horizontal structure (of course with minor breakouts). Price had dropped to monthly support in middle of the structure, faced rejection and moved up. W > On its way down price created an M formation and as expected price moved up to test the neck. D > Price has been creating HH and HL on its way up. It created a W formation and dropped till neck to complete the formation. As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. 4H > Price is not able to move above the resistance created by the neck. We need to wait for its break for confirmation of bullish move. Pair Correlation: GBPCAD has positive correlation with GBPAUD, GBPCHF, GBPUSD 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 you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
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