EURGBP Previously gave Bullish Structural Break on Daily & the current market is the Return to the origin of that move. So, We're expecting it too make a Higher High.
1. HTF Bullish Break of Structure.
2. 4H Sell Side Liquidity Stop hunt+Bullish BOS.
3. Return to the Origin (4H OrderBlock)
4. LTF structural Shift.
FOLLOW PAFX & TRADE LIKE BANKS 💸
1. Marked supply and demand zones on a weekly timeframe.
2. Had a close below the support, now need a price rejection on a daily timeframe .
3. After confirmation take the trade.
According to elliott wave rule , in an impulse wave 4 cannot intervene into the the territory of the wave 1 . The current structure shows that USDCAD is forming a wave 4 & is likely to end soon. One should go short on any rise keeping SL of 1.2595 & look for the target of 1.2285 and 1.20500 and below.
The risk reward tool gives you clear idea about entry, stop loss and target
But when I get the idea that USD/CAD is not any more bullish then I will update you guys with the exit
ENDING DIAGONAL : This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal...
see a waves within wves structure, lower time frame it showing a small potential up move then a last move to the downside in a short time frame to make the structure clearly for a potential upmove.
EURAUD Currently Trading in 4H TF Parallel Channel , Either Wait for Channel Break or Trade within the channel or wait for the channel breakout for Long or Short Position Accordingly.
