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A 6 months consolidation broken, are we expecting a big move on this?

I like to always go to higher timeframe chart to check on boxes.

Boxes make it so easier for me to quantify time in a trade – label a movement in monthly, weekly or daily. And a monthly close is always stronger than a weekly close, likewise, a weekly close stronger than daily close.

GBPCAD presents such an opportunity where there was a monthly bearish expansion below 5 monthly boxes low.

Big Picture analysis

GBPCAD below 5 monthly boxes low

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A bearish expansion below 5 months of boxes low – bearish

ED offering support

If below ED will be very bearish

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ED offering current support – the reason why price stops

H4 boxes shows Big Move strategy

 

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H4 boxes shows big move strategy

1234 not ideal

The current suspected 1234 does not fit what we like. Therefore, it is important for price to show a reversal bearish chart pattern in pt 4, e.g. HS or DT.

Box 2 box low around 18030

F6 around 18000

It is important for price to clear F6 otherwise, we expect more retracement upwards to stronger resistance

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1234 not ideal – pt 3 lower than 1

 

#tflow #trade wk 36/1 $gbpcad big move setup, below 1.7990 has S 1.7800

 

Update by Binni Ong 2 Sep 6.07pm

Answering student’s question on how support is derived

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Support from weekly chart turning point

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