GBPCAD Possible Buy Setup

Possible buy opportunity approaching for GBPCAD. I would closely monitor this for the next week at least and watch for a break out to the upside. Check for confirmation via flag on lower time level and enter only when there is clear indication, otherwise let it go. Possible SL @ ~1.599 for long term trade or @ ~1.64164 (or @ ~1.639 if goes back down for a E wave) for short term bull impulse trade. It all depends on your risk management. Again, just monitor for now.

Kommentera:

Alright guys, I hope you have been monitoring this. Looks like it can go anytime now. See my updated Hourly chart below. I have just entered this trade with a buy order with SL @ 1.64164. Going monitor and to add more positions if it keeps going and I will hold them for the foreseeable future. This is potentially the start of a multi-year uptrend as shown in my Monthly analysis below.

Hourly:

Monthly:

Kommentera:

hmm.. didn't take off as expected, however, Hourly corrective structure is still valid in my opinion. I was taken out at stop loss of 1.64164. I just placed a 0.01 lot tester entry so only lost a few bucks. Going to continue to monitor. Still expecting the move to the upside long term. Wait for it to break up again, make a smaller flag, then take off.