GBPCAD – Trading many boxes setup

When many boxes are about the same high or low, it is a clue to us (in Tflow®) that there might be a potential setup.

First caught my eyes when GBPCAD was doing a flattish consolidation of 4 H4 boxes.

H4 boxes consolidation with downflow-1234

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4 boxes of consolidatoin

HTF Resistance level

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HTF levels show resistance

Some levels that are important

I would be looking at a firmed closed (ideally a day close) below round number 2.03 (this is also current price nearest support). There’s some historical support around 2.0230-50 (also F6) which needs to be broken) for price to move further south.

A retracement towards F3 and last friday low could be some levels to potential get a discount once there’s a firm close below 2.03.

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F6 and some support levels need to be cleared

Price might test back this trendline it broke, if below, might see 1.9850-1.99 as strong support (that’s 2006 low). Don’t forget 2.00 round number marker.

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Some potential support levels to note

 

Updated on 1 Oct 10.42am: Managing GBPCAD

I put up a chart showing my entries. You could also see my thoughts in comment section (scroll down).

Now, it’s about managing of trades. Still stick to plan that strong support will be at 2.00 (round number) and also around 1.9850-1.99. After this post I will be shifting SL to break even, because there is a day close below 2.0170 (recent low). Do appreciate if you could let me know your trading journey on this trade.

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GBPCAD entries – mix of limit and market

Always good to lock in profit. Money in pocket is your money!

 

 

 

Update on 5 Oct 2015 3.43pm

 

Update on 7 Oct 2015 7.14 pm

As a record, my stated level reached. 1.9850. All out. And we have one reporting. Thank you.

Recap the levels I mentioned at the start of this post: *bingo!

Price might test back this trendline it broke, if below, might see 1.9850-1.99 as strong support (that’s 2006 low). Don’t forget 2.00 round number marker.

 

 

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