GBPCAD Technical Analysis
Before the start of the trading week (September 8/2019 – September 13/2019), we at Elliottwave-Forecast advised our clients/members that GBPCAD still had another possible move higher. From our members only area, the chart below shows that we were calling for wave ((b)) to terminate which should then be followed by a move higher. As long as GBPCAD did not break below the invalidation our clients were aware of the possible move higher.
GBPCAD 1 Hour Weekend Update Chart September 8/2019
In the chart below, GBPCAD terminated wave ((b)) and was followed by a bounce higher where we labelled it as a wave (i). On the wave ((b)) move lower aggressive traders could have entered the market with stops at the invalidation level while conservative traders would have waited for the reaction/bounce higher to confirm that wave ((b)) has terminated. Labelling the bounce higher as wave (i) confirmed to our clients/members to start watching for buying opportunities as long as price stays above the wave ((b)) low.
GBPCAD 1 Hour New York Update September 9/2019
On September 9/2019 I posted on Twitter @AidanFX BUY/LONG GBPCAD at 1.6257 with stops at 1.6202. The pair yo-yoed up and down for the next couple days and formed a bullish triangle breakout pattern. On September 12/2019 I posted on Twitter @AidanFX the 2nd BUY/LONG entry on the breakout above the top trend line of the bullish Triangle Breakout Pattern. The chart below together with the Elliott Wave charts above clearly showed that the move above the Momentum Price Action Breakout Pattern level will push the pair higher and hit the targets above.
GBPCAD 1 Hour Chart September 12/2019
By the end of the trading week (Friday September 13/2019) GBPCAD rallied higher strongly. The 1st BUY/LONG entry racked over +330 pips while the 2nd BUY/LONG entry racked over +200 pips. Using Elliottwave-Forecast charts to determine which side to trade and combining market patterns to match the Elliott Wave count allows a trader to catch moves and bank PIPS. Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial
GBPCAD 1 Hour Chart September 13/2019
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 ***
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