I'm targeting a short position for GBPCAD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 1.77696. I've identified the completion of wave (5) and the start of a corrective wave (a), suggesting a continued downward movement.
My target level is based on the Fibonacci extension of wave (a). The target is at the 1.618 Fibonacci extension level, which is around 1.77202.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 1.7820. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of support or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in GBPCAD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 1.77696. I've identified the completion of wave (5) and the start of a corrective wave (a), suggesting a continued downward movement.
My target level is based on the Fibonacci extension of wave (a). The target is at the 1.618 Fibonacci extension level, which is around 1.77202.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 1.7820. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of support or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in GBPCAD while effectively managing risk with clear entry, target, and stop loss levels.
Trade closed manually
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.