Just sharing my reading/direction of the market managing a trade is completely upto you and you should compare with your onw strategy. Daily macd is yet to flip + when it does ill be even more bullish.
Following the last chart this is a weekly perspective of the ideal pull back to / around $0.20 one last time before a fifth elliot wave.
We have 2 weekly trendlines in place and a major support level used in the prior bull run in dec 2017.
The support gives some validity to the bullish trendline where we had 3 weekly candles form at the end of june which is also...
A pullback towards $0.19 - $0.18 would line up perfectly for a 4th wave following the basic elliot wave theory.
The 4th wave would align with the major monthly support around the black zone.
A fibonacci from wave 2 to wave 3 is ideal as this is from the last higher low to the most recent higher high. The 61.8 & 78.6 retracements align perfectly with the support...
With what could be wave 3 in place GBPJPY is now retracing. Price should hold circa red 4 of less one degree.
Any significant move below red 4 would cause concern and the alternative count to be considered in that the movement is A B C corrective.
The base channel was breached quite easily and I suspect that we traded a third wave thus offering a pending...
So from my previous post you will see that I was in sells come out at breakeven where it just retraced back to my entry!! Not what we wanted! Now looking into the 4hour TF! i see another opportunity to sell!
With good RR!
this is a okay set up. I will be monitoring this!
Usd is weakening and will soon crash with in a few months markets must prepare for this and will be pricing this in shortly, to add to this the technical's here are as shown simple elliot impulse wave as well as a bearish continuation flag with the wicks touching the 61.8 fib.
Looking bearish on USDCAD medium term. Looking for a move down to 1.395 before retracing up to either the golden zone (61.8-78.6) or the last buy to sell candle, before a move down to swipe liquidity at 1.38, potentially even further to 1.365.
Looking at a risk to reward of 1:10+ - Risk to Reward is an essential part of trading and is something I recommend every...