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
ED offering support
If below ED will be very bearish
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
#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