On July 23 2020 I posted on social media Stocktwits/Twitter @AidanFX ““Watch for BUYS against 1.6975 stops
The charts below was also posted on social media StockTwits/Twitter @AidanFX July 23 2020 showing that bullish market patterns were clearly visible on the 1 hour chart calling for a move higher. Bullish pattern (orange) triggered buyers at the AB=CD level and price also broke above the top of the bullish flag pattern (dark blue) signalling traders that a rally higher was to be expected. The dark blue and orange market patterns also terminated near the Dynamic Support moving average and the Static Support level which also offered more signals that GBPCAD could bounce higher. The light blue bullish pattern was not completed and still needed a push higher above point A of the pattern to complete.
GBPCAD 1 Hour Chart July 23 2020
The 15 minute chart below shows a light blue bullish pattern that triggered buyers at the XA 0.50% Fib retracement level. I called for traders to BUY GBPCAD and only a move below the point B of the light blue bullish pattern would invalidate the BUY trade setup. Stop loss was set below the point B low targeting the green target levels above.
GBPCAD 15 Minute Chart July 23.2020
GBPCAD 1 Hour Chart July 27 2020
The pair pushed higher and hit the 1:4 RR target at 1.7225 from the 1.7025 buy entry for a +200 pip move higher. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the GBPCAD move higher.
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