Hello my friends,
Today i noticed some good setup from GBPCAD. Previously this pair make an inverted shoulders head pattern and then push straight to the upside for 700 pips in 2 weeks.
I tried to fit some fibonacci tools into it and count the waves according to Elliot Waves principle. Surprisingly, it looks like this pair just finished with the 4th Wave.
Wave-4 is the shortest wave and usually it stopped at 38.2 fibonacci retracement.
We could possibly see wave-5 from this point onwards and usually it ends at 127% fibonacci retracement of Wave-4
Wave-4 could never touch the area of Wave-1 so we could use stop loss a little below Wave-1. In this case, my stop loss is at 1.7200
Buy GBPCAD 1.7395
Stop loss 1.7200
Take profit 1 @1.7675
Take profit 2 @1.7870
Today i noticed some good setup from GBPCAD. Previously this pair make an inverted shoulders head pattern and then push straight to the upside for 700 pips in 2 weeks.
I tried to fit some fibonacci tools into it and count the waves according to Elliot Waves principle. Surprisingly, it looks like this pair just finished with the 4th Wave.
Wave-4 is the shortest wave and usually it stopped at 38.2 fibonacci retracement.
We could possibly see wave-5 from this point onwards and usually it ends at 127% fibonacci retracement of Wave-4
Wave-4 could never touch the area of Wave-1 so we could use stop loss a little below Wave-1. In this case, my stop loss is at 1.7200
Buy GBPCAD 1.7395
Stop loss 1.7200
Take profit 1 @1.7675
Take profit 2 @1.7870
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.