GBPCAD 4HR, looking for 300+ pips here.
The pattern is complete however.....
A correctional trade in a bearish Channel, possible double bottom if we venture down on a DIV play
We are well oversold, so again I will be waiting for RSI to ease off and not enter the trade early, we are already seeing some form of consolidation or a pause, a day or when its ripe, I will take the trade.
Its a long play for many pips, lets wait for confirmation on RSI moving back to normality and retesting oversold on the 70, if we see divergence there, we will have a better entry than right now and the trade will have momentum.
The pattern is complete however.....
A correctional trade in a bearish Channel, possible double bottom if we venture down on a DIV play
We are well oversold, so again I will be waiting for RSI to ease off and not enter the trade early, we are already seeing some form of consolidation or a pause, a day or when its ripe, I will take the trade.
Its a long play for many pips, lets wait for confirmation on RSI moving back to normality and retesting oversold on the 70, if we see divergence there, we will have a better entry than right now and the trade will have momentum.
This is why I mention Divergence is key, as RSI can sit in oversold or bought for days, weeks and price not reverse.
Still waiting pattern has not failed