Hey guys, this is my take on the GBPCAD
, I believe we had an impulse highlighted on the left. I think we are forming a bullish
triangle with the "e" wave about to start. I am not interested in the short as a swing trade, because stops need to be above "b" wave giving us a R:R of about 1:1.5 which does not fit my trading plan. I may consider day trading this "e" wave down on a 15 or 30 minute chart once the yellow trend line
is broken and the down move is confirmed. Once we hit the bottom trend line
, assuming the structure holds, I will be looking to go long for the next impulse up which should be 300-350 pips. Anyway, this is my take on the pair. Best of luck.