Top trade idea for March 12th, 2015 – GBPCAD
By Mircea Vasiu on Mar 12, 2015 10:30:30 GMT
The chart above is the gbpcad cross and we are talking about a bearish scenario for it. The reason for it is purely technical as market ended a five waves structure at the highs and now we should correct all the way to 1.83 area.
Not only that we have a target in price, but also the time element is helping as 1.8350, our take profit, should come until the vertical line on the right side of the chart, and this means until the 28th of March, so something a little more than two weeks from now.
That is the maximum time this move lower should take but judging on the price structure so far I would say market is forming a double zigzag, with the first zigzag being completed and now the second one started with the x wave, the intervening x wave, being completed yesterday with the move into 1.9140 area.
All in all, we should expect an impulsive move into the lower part of the channel, and that impulsive move to be only wave a of the second zigzag.
It remains to be seen if market will confirm this analysis.
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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