GBPCAD, 4hr tf, elliott wave analysis
Hello my friends,
This is another setup before we close this month.
This pair a little bit tricky to analyze because i tried analyzing it with Elliott Wave.
As you can see there is a possibility that we're currently on Wave-3 and this wave is an extension.
This mean Wave-3 consists of 5-3 waves as well.
In my opinion we are on Wave-4 of this extension which is shown by the (iv) mark.
Basic elliott waves rule is wave-4 never touch wave-1 area so we could use wave-(i) last point as our stop loss to invalidate our analysis.
Sell GBPCAD 1.7290
Stop loss 1.7375
Take profit 1.6850
RR ratio 1 : 5.1 (5.1R)
Use only 1-2% risk
Good luck
This is another setup before we close this month.
This pair a little bit tricky to analyze because i tried analyzing it with Elliott Wave.
As you can see there is a possibility that we're currently on Wave-3 and this wave is an extension.
This mean Wave-3 consists of 5-3 waves as well.
In my opinion we are on Wave-4 of this extension which is shown by the (iv) mark.
Basic elliott waves rule is wave-4 never touch wave-1 area so we could use wave-(i) last point as our stop loss to invalidate our analysis.
Sell GBPCAD 1.7290
Stop loss 1.7375
Take profit 1.6850
RR ratio 1 : 5.1 (5.1R)
Use only 1-2% risk
Good luck
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