GBPCAD-Ready to begin a downtrend-wave 3 starting
Unlike the GBPAUD, this pair is ready to make a big decline because at D1 chat price broke a clear uptrend channel making it first LL (lower low).
Convergence on macd signals the direction of the next move. Price is now making a retracement and we should find an "ideal" entry point to continue the starting downtrend.
Here on H4 chart we have:
- Price retracing to 0.50 fib (not shown)
- Expanded flat correction seems complete
- Previous wave 4 acting as resistance
- Pinbar shows rejection from the strong round number 2.05000
This could be the start of wave 3 blue (in parenthesis), so a big decline expected.
Regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
Here on H4 chart we have:
- Price retracing to 0.50 fib (not shown)
- Expanded flat correction seems complete
- Previous wave 4 acting as resistance
- Pinbar shows rejection from the strong round number 2.05000
This could be the start of wave 3 blue (in parenthesis), so a big decline expected.
Regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
