GBPCAD - 30M - Impulse Rejection from Trendline
We saw a rejection from the upper blue solid trendline in a downtrend. This Impulse rejection broke the only 2 relevant lower degree trendlines so im biased towards short for the moment anway. I do think we will break the upper solid line soon to start a bit of a bigger correction before continuing lower but at this timeframe at this moment i think a quick short will be fine.
However im only planning to go short if we can find some sort of ABC consolidation. if so, i will be selling the C point with stop and target like shown on the chart. risk reward after spread should be around 2.5:1 so pretty ok. ofc stop and tg are only rough placeholders till we see a useable B wave.
However im only planning to go short if we can find some sort of ABC consolidation. if so, i will be selling the C point with stop and target like shown on the chart. risk reward after spread should be around 2.5:1 so pretty ok. ofc stop and tg are only rough placeholders till we see a useable B wave.
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bummer. idea was good, just didnt meet my ruleset for entry
if we make new lows below the start of the "abc correction" i will cancel my orders.