A Potential Bull Flag on The GBPCAD

FX:GBPCAD   British Pound / Canadian Dollar
Never expect instant gratification or for price to shoot in a straight line. This is very much a short term mentality and why many find themselves trading on lower time frames battling inconsistent results.

Instead, embrace the fact that a trend is a function of time. Take fashion for example. Trends are a minimum of 3 months based on seasonal wear. Other fashion trends can stay in play for much longer. We often talk about certain fashion eras as a decade such as the 60s. It is a period of time that can last weeks, months and years. Fads, however, come and go.

Trends in the market should be viewed in the exactly the same way.

We last posted on the GBPCAD on March 16th when price had broken and closed above 1.8000 and triggered our long entry order. Price then moved into profit but has now pulled back to retest the resistance-turned-support level. This is classic price action movement. It should be expected and embraced as pullbacks offer opportunities.

We mentioned in a previous post on the GBPUSD that we always expect price to move against us first before moving into profit. This is a perfect example.

We are now waiting for price to break and close above the pivot high of this week Monday to suggest a continuation of the bull trend. Let price dictate. Never predict.

Using proven techniques that have roots based on hand-drawn charts from before the internet are the techniques that are simple and robust enough to last the length of a trend. Many of the modern systems based on the advancement of technology are far more short term and are not best suited for the private trader.

For institutions with their vast cash reserves, it is a different matter. Small moves will equate to staggering sums of money. As private traders, we want to understand where the money is but take advantage of the market in a way that is far more suited to the private trader. A style that is highly efficient and highly effective in growing trading accounts without the need to be glued to your computer screen.

If one funding a lifestyle from short term trading then it is a compromise on money for time which and that is not what trading is about. Trading is about empowerment of money and time.

Money but no time places preference on what is replaceable. Time isn't.

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