GBPCAD Technical Analysis October 2/2019
GBPCAD : Possible bearish patterns are visible on the 4 hour chart. The orange bearish pattern still needs to make a push higher to complete point D at the BC 0.50% Fib. retracement level. At the moment traders need to wait for price to reach the the BC 0.50% Fib. retracement level where GBPCAD can possibly reverse lower from. The BC 0.50% Fib. level together with previous support structure, which will now offer as possible price resistance, will be a strong area where the pair can and should reverse lower from. If looking to trade GBPCAD traders should be patient and wait for price to make a move higher towards the minimum BC 0.50% Fib. retracement level (1.6440). Waiting for price to hit the BC 0.50% Fib. retracement minimum level will offer a better risk/reward trade setup. Orange bearish pattern is invalidated if price moves above point B of the pattern and Stop Loss should be placed at this level. Watch for price to move lower targeting minimum the 1:2 RR Target. 1:2 1:3 1:4 targets are based on the BC 0.50% minimum entry SELL. Overall watch for price to hit the green Target Trend Line of another bearish pattern that have already triggered SELLS after the blue point 5 terminated.
GBPCAD 4 Hour Chart 10.2.2019
Orange Bearish Pattern
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack