On the 2H GBPCAD has seen a bearish breakdown indicating a potential bearish trend. further we also broke a decent trendline on the daily timeframe. while im still waiting to see what this pair wants to do on the bigger picture, im definitly more inclined to look for shorts.
The easiest possiblity i can spot is this bat pattern.
while the 886 can be a good place to go short(to not miss the move), keep in mind that the alt bat with fib confluence of 1.13 XA and 2.618 BC projection at the mirrored consoldation trendline, prior daily trendline and resistancearea indicatesa better PRZ than the 886 retracment.
so if you enter at the 88.6, keep in mind that u have to widen your stops, since a stop at the 1.13 (where a lot of ppl place their stops for the bat) wouldnt be a good place. i suggest goin at least over 2.040-045
However since you can shoot for a retest of the lower consoldation trendline for your TG1 the risk reward should still be a-ok.
if you are more the patient type of trader that is perfectly missing a move while waiting for a better entry then i suggest looking at the 2.035 area for a potential entry (indicated by the small triangle)
runaway targets can follow a break of the consoldation and can be pretty far down, so i didnt put them on the chart
The easiest possiblity i can spot is this bat pattern.
while the 886 can be a good place to go short(to not miss the move), keep in mind that the alt bat with fib confluence of 1.13 XA and 2.618 BC projection at the mirrored consoldation trendline, prior daily trendline and resistancearea indicatesa better PRZ than the 886 retracment.
so if you enter at the 88.6, keep in mind that u have to widen your stops, since a stop at the 1.13 (where a lot of ppl place their stops for the bat) wouldnt be a good place. i suggest goin at least over 2.040-045
However since you can shoot for a retest of the lower consoldation trendline for your TG1 the risk reward should still be a-ok.
if you are more the patient type of trader that is perfectly missing a move while waiting for a better entry then i suggest looking at the 2.035 area for a potential entry (indicated by the small triangle)
runaway targets can follow a break of the consoldation and can be pretty far down, so i didnt put them on the chart
