GBPCAD

this is a perfect bullish trade

GBPCAD
Pattern : Channel + Hidden Divergence

Buy Limit -> 1.77454
Stop Loss = 1.76706
Take Profit = 1.78501

Telegram Channel : https://goo.gl/MDNkK0

long position

A bit too soon I think still holding to grab a better price at 1.67-1.675

Here's a technical outlook on GBPCAD.

The pair has been predominantly on the decline since December 2015. On the weekly time frame, during April and May 2017, price action retraced to 32.8 Fib level of the drop from the high of December 2015 to the low of January 2017. Since then it has remained constrained for a southward operation by a resistance trendline (chocolate colour) from the high of December 2015. The most recent price action in the past two weeks have been sideways and in a support zone.



On the H4 time frame, price action has been largely in consolidation/sideways mode and in a channel (Khaki coloured rectangle) for the most part of June. Presently, price action is in the middle of the channel, somewhat a noman’s land, but the last sessions on Friday saw the buyers getting more influential in the market. Should buyers take price action to the distal part of the channel, perhaps targeting the 1.69750 area, this is likely to present a good sell trading opportunity. Given the technical disposition on the weekly time frame, a sell trading opportunity is more feasible than a buy trading opportunity. A break of the channel southward is likely to initially target the 1.67224 area; this may expose the 1.66367 area, the base of the April 17, 2017 rally.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

Holding long on this pair target 1.7140

Hello fellow traders,

For H4 time frame, i'm thinking retrace completed. Now down from (c) to (d).

Thanks

Hello fellow traders,

Speculating ab=cd downwards on h4 time frame.

Thanks

will post an update tonight to see how it turned out

drumroll............ and here is the result, divergence does not always work but I take it as a warning, in this case it was warranted

Hello fellow traders,

Speculating long on h4. Spiked down and supported at 38.2%.

Thanks

GC Long EU still in play (https://www.forexfactory.com/showthr...9#post10685419)

hmmm, exit at your will.

Hello fellow traders,

Expecting zigzag down on h4.

Thanks

gbpcad, still a dubious situation.
I expect a northern spike.
then down to the south.
we'll see.

.

I think it's possible that the price will return to 1.8030.
next week, nfp, i'm waiting for this yet
.we have to wait for data.

A classic set up for this system. Hidden divergence using Renko. First position filled with a 42 pip bounce already.

RENKO BRICK SIZE = 15.2 PIPS