Elliott Wave Training

Are you looking to learn the Elliott Wave principle? Or maybe you already have some experience and want to find the ways to improve your skills better.

Click on this post for details:

http://wavepatterntraders.blogspot.com/2012/04/elliott-wave-training.html



Showing posts with label GBP/CAD. Show all posts
Showing posts with label GBP/CAD. Show all posts

Friday, March 29, 2013

Elliott Wave Analysis of GBPCAD

Update from the last post http://wavepatterntraders.blogspot.com/2013/03/elliott-wave-analysis-of-gbpcad.html

Due to the strength i have adjusted the idea to reflect what i think is a 5 wave decline, so currently its in a suspect correction, although this idea was not what i initially thought, i simply have had to adjust to what i see as the previous idea has been negated

I am looking for rejection in the target area around the 50-618 fibbo retrace area, then a strong reversal lower

A strong break above 15530 is a warning that the bears might have an issue to worry about


Wednesday, March 27, 2013

Elliott Wave Analysis of GBPCAD

Staying under 15511 suggests more downside, its a similar wave count idea to GBPUSD, so seeing weakness in the GB crosses should suggest both pairs head lower

Although their counter party relationships USD and CAD, could play a part, but overall i am looking for the GBP component to weigh in more heavily

It appears to be in 3 waves from 15245, so i am looking for a complete reversal, and like the GBPUSD i was tracking the end of the ED (ending diagonal) and its reversed nicely on both GBPUSD and GBPCAD

Resistance at 15450, staying under that area will further support more downside for this pair


Saturday, March 16, 2013

Elliott Wave Analysis of GBPUSD & GBPCAD (Short term)

Both GBPUSD and GBPCAD appeared last week to have traveled in a 5 wave bounce and i suspect a pullback in 3 waves would offer traders a setup for at least another move higher of similar length to the rally last week

GBPCAD

I was looking at this pair as a possible clue to a low in GBPUSD

As GBPUSD was nearing 148 i suspect it would find buyers and GBPCAD appeared to be thrusting out of a triangle, and once we had 5 waves i suspected would align nicely for a reversal in both GBPCAD and GBPUSD



It could not of gone any better






So a 3 wave decline early next week should offer traders a setup to buy a dip in GBPCAD with a stop at 15245

I suspect a dip should find buyers step up around 15330

Target 156

GBPUSD

148 was an area i was focusing on whilst it remained under 150, and sure enough it failed earlier to get back above 150, so the focus was for a low around 148, with the GBPCAD setup, it suggested that a reversal would be seen in GBP crosses

Sure enough that's exactly what happened, and like GBPCAD there appears to be a 5 wave advance, so a 3 wave dip to around 150 should offer traders a similar setup of buying the dip with stops at 14831


Target 15350





What was once support, should now be resistance, but still a decent upside move for the short term trader if it hits 15350 and a decent short term setup



Monday, November 26, 2012

Elliott Wave Analysis of GBPCAD

Having caught the highs and rode down most of the decline from 16173 into the wave [i] lows, the last few weeks have been a slow chop and i originally thought the wave [ii] high was in place at 16002 and expecting a strong break lower, although we got a decent decline, then pullback has been testing my patience between 2 ideas as shown

If a smaller wave [ii] it should fail around 15950, if however its still inside a more complicated pattern for the larger wave [ii], then a trip to 16050 is need but what i suspect is an ongoing decline towards 15450 over the coming weeks

Either way i think this is setting up for a larger move lower regardless of which short term idea it takes


Wednesday, April 25, 2012

Elliott Wave Analysis of GBP/CAD




So far going well for this idea, we can move stops down to the last swing high and lock in at least 85 pips from our entries



I am still expecting a strong break lower, although even if it were to do something i dont expect, we got 85 pips in the bag, a great trade and i suspect one that was missed as other are trying to trade chop in the other risk markets

Saturday, April 21, 2012

Elliott Wave Analysis of GBP/CAD






Nearly 2 years have passed and this pair has simply gone sideways in a large range that active traders have been trading


We potentially now have a great setup for a 300 pip reversal, and is something we are going to take with us into next week,

Any failure to get above 16030 and sustain that move should see this reverse and see a strong reversal back to the 15650 area, as a min target