OANDA:GBPCAD   British Pound / Canadian Dollar
-The 1W chart shows a re-test of the support TL on this triangle pattern . This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down again:
-The 1D chart is what you're seeing right now. The exchange rate continues to close above the 61.8% zone on the Fibonacci, which would form the assumption that price is likely to rise to around 1.66920 on the C-D wave of the Harmonic pattern before turning to go south. Numerous tests of the support TL further support an increase in GBPCAD .

Now as, this is a bearish harmonic pattern we would be looking to short as we reach that 1.66920 area. This is inline with my thoughts on the weekly timeframe , (retracements are deep and therefore bulls will be stopped as we find resistance).

Please feel free to comment, tell me your thoughts and what you think!
Oct 10
Trade closed: target reached: 300 pips profit reached!
Oct 10
Comment: Price reached TL resistance, I'm backing out of the trade, plus price is hovering in overbought areas, this can be shown on the RSI^.
Oct 11
Comment: Price reached 1.66920 resistance. The completion of the harmonic pattern. The following week would suggest, bearish pressure as the exchange rate has found a weekly major level.
Oct 17
Comment: (Journal) Good trade overall.
Nailed it !
+1 Reply
Jaxpx DaweFXHunter
@DaweFXHunter, Thank you very much!
Reply
Congratulations. Very good analysis.
+1 Reply
Jaxpx meszaros
@meszaros, Thank you very much!
Reply
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