it is in these moments that I cannot fully grasp why there is so much confidence on one direction. No chances for it to go up for example? Probability Wise, what makes you so sure it will drop, if you do not mind me asking?
Wave-Trader
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@ANDREI.stroia.94, Look at the GBP pairs you will get your answer mate falling so hard
FTE1995
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@Wave-Trader, not doubting your analysis at all mate, just gbpcad is actually negatively correlated with most major GBP pairs eg gbpusd, as well as this the most recent major CAD news release was bad and has barely reacted so expect a delayed reaction on open Monday possibly?. It's sat on the 50 fib of the last major up move on 4h chart as well so my analysis saying long, what you think mate?
FTE1995
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@JamesEvison, as well as this major 4h pinbar touched the 200 SMA and came back into the current 1h trend
Wave-Trader
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@JamesEvison, just look at my past GBPNZD GBPACD GBPAUD and GBPUSD pairs you will get the idea what I am talking about
Wave-Trader
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@JamesEvison, basically the bigger bearish wave has completed on GBPCAD GBPNZD and on GBPAUD but GBPUSD is still at the top and has not completed the bearish wave just because of USD that's the reason many traders are looking for long on GBPCAD. What I think if GBPUSD has begun the bigger wave on Friday fall then this pair will not rise aggressively and will stay at bottom until GBPUSD complete the bigger bearish wave. So that's why I am still looking for one more move down and even this pair GBPCAD can stay at the bottom for longer term as it has done in past just look at the left side on the bigger daily chart so GBPCAD GBPAUD and GBPNZD can repeat the same behaviour again if we see fall on GBPUSD which seems to me has begun on last Friday