Renforex
Short

GBPCAD - Rising Wedge

FX:GBPCAD   British Pound / Canadian Dollar
We have a bearish bias on GBPCAD and the pair is currently trading inside a rising wedge . Sellers can either sell before the break of the wedge with stop losses above 1.75 and targeting 1.695 initially, or wait for the break and retest if taking a more cautious approach.

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Comments

I got out short, Looking to enter short at a higher high!
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@fxing, Awesome, hope you caught it again :)
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It was certainly a rising wedge (shown in 2H below). The problem for these wedges (from my experience) is that if they get too close to narrow edge (which the market decides), then the retracement in the opposite direction is not that great. Below we see what is the start of 'three white soldiers', after a minor retracement. This happens. But your spotting the pattern was still excellent. Price could still collapse though. Nobody can predict markets - NOBODY!
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Renforex Captain_Walker
@Captain_Walker, Of course, wedges don't tell much about what will happen. I just included it in this chart as a tool to time the entry as like you say, we cannot predict. Only react to what has already happened :)
+1 Reply
THIS time I got Right in ,and sold!!! You are the Best!!
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@fxing, Glad you caught it! :D
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Nice find! 😃 Many thanks for sharing.
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Renforex Captain_Walker
@Captain_Walker, No problem my friend
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