Top trade idea for April 30st, 2015 – GBPCAD
By Mircea Vasiu on Apr 30, 2015 09:37:34 GMT
The gbpcad cross is forming a running triangle that is not completed yet. What is to mention here is the word “running”, which in this case means that the triangle needs to end above the highs in the previous x wave in red.
This in turn means that the d wave is not done yet and the e wave will correct only a little bit.
I am looking for the triangle to break higher of course and by the time the b-d trend line is broken the pattern to start to be a zigzag or a zigzag family pattern. Usually it is a double zigzag that follows such a triangle, anyways, a strong move to the upside to go minimum 1.9350
Taking into account the fact that this a cross, then the move can come either with a higher gbpusd or a higher usdcad. Taking into account the massive strengthening of the CAD currency lately, a correction there and a sideways gbpusd should fuel this rally.
Our recommendation is to stay long until 1.9350 comes and having a relative small stop, namely 1.8400.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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