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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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7 thoughts on “GBPCAD – Trading many boxes setup”

  1. Cheow Chin William See says:

    Hi Binni,

    Think there is a typo on 1.99 being 2016 low. :)

  2. Wern Farrago says:

    haha i just looked at this pair 2min ago and jumped onto to the blog here to check what the weekly trend blog post said about it…

  3. Siok Neo Elaine Anne Lim says:

    hi Binni, yesterday closed below 2.03, so time to short?
    Haze really bad today, if not well please rest though!

    1. Binni Ong says:

      Thanks @william, I made a mistake, and rectified already, should be 2006 low.

      @elaine yes there was a close below 2.03, but by 6 pips approximately. So no firm close. So expect some retracement. This retracement could also triggered the higher level sell limit I’m waiting, but again any sell limit, I will only do small size/risk

  4. Siok Neo Elaine Anne Lim says:

    thanks for reply Binni, you she hv your sell triggered! all the best!

  5. Siok Neo Elaine Anne Lim says:

    hi Binni, friday definitel close below 2.03, so can wait for retracement to F3 around 2.0350 to sell right?
    AND hope to find you well!

    1. Binni Ong says:

      @elaine yes, now price retracing to 2.03. Week close below 2.03 and I’m good. haze not good.

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