My daily outlook on
GBPCAD
is bearish, but I see one more bounce occurring before bearish PA continues. A bullish shark will potentially be completing at point 4 in a parallel channel. Traders who are short this pair, like myself, may think about taking profit in the PRZ and re-entering after this move is completed. Alternatively, this may be traded as a scalp to grab the pips off the bounce of the bottom parallel. Either way, I expect this setup to produce short term bullish movement before the bearish 5-0 pattern continues to target. Short-term long targets are placed at the .382 and .618 retracements of the shark CD leg. When I re-enter short, I will take profit at either the 1-4 WW target line or the 1.272 5-0 projection, whichever target is hit first.
Overall Bearish Outlook:
Bullish Confluence in the PRZ:
1. Bullish shark pattern completion
2. Parallel channel support
3. 1.786AB=BC
4. 1.618BC projection
Thank you for viewing!
GBPCAD
is bearish, but I see one more bounce occurring before bearish PA continues. A bullish shark will potentially be completing at point 4 in a parallel channel. Traders who are short this pair, like myself, may think about taking profit in the PRZ and re-entering after this move is completed. Alternatively, this may be traded as a scalp to grab the pips off the bounce of the bottom parallel. Either way, I expect this setup to produce short term bullish movement before the bearish 5-0 pattern continues to target. Short-term long targets are placed at the .382 and .618 retracements of the shark CD leg. When I re-enter short, I will take profit at either the 1-4 WW target line or the 1.272 5-0 projection, whichever target is hit first. Overall Bearish Outlook:
Bullish Confluence in the PRZ:
1. Bullish shark pattern completion
2. Parallel channel support
3. 1.786AB=BC
4. 1.618BC projection
Thank you for viewing!
