The video below is a capture from the London Live Session group 2 held on August 30th. Daud presented Elliott Wave count of GBPCAD ,explaining our forecast and trading strategy.
GBPCAD trading strategy
Current price structure of GBPCAD suggests the pair is doing wave 2 recovery. It’s labelled as double three structure ((w))((x))(y)) when it has scope to make another short term leg higher toward 1.6329-1.6377 area. Because of bearish swings sequences in higher degrees we advised our members to avoid buying the pair and keep selling the rallies in 3,7,11 swings. Strategy is selling the pair at mentioned 1.6329-1.6377 area, when invalidation level is at 1.6456. Due to bearish structure in higher degrees we expect pair to give us at least short term reaction from the blue box which will allow us to make short positions risk free.
As Daud explained in the video, as soon as the price hits 50 fibonacci from the last low ((x)) we should create a risk free position by either moving stop loss to break-even or by taking a small portion of the position off and putting stop on remaining position above the high.
Let’s take a quick look at the capture below:
Shortly after, GBPCAD made proposed swing up and reached selling zone at 1.6329-1.6377 area. It found sellers there and as a result the pair has made nice decline of approximately 450 points.
Keep in mind market is dynamic. If you’re interested in the future path of GBPCAD or in any of the other 78 instruments we cover, join us now. You can find Elliott Wave analysis in the membership area of EWF. If not a member yet, Sign Up for Trial now.
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