Trading news

GBP/CAD – prognosis via Dow Theory

Weekly chart:

In the big picture we can see a very mature uptrend. After the last high at 2.0972 CAD, the price corrected until close to the last correction zone (green rectangle), and from there it started a new movement, which, however, was no longer able to overcome the last high. This should be a first warning sign that this mature trend is slowly coming to a standstill. However, a renewed attempt at overcoming the last high is also still quite probable.

Chart1

Daily chart:

In this trend size we have a very young uptrend, which unfortunately also did not quite reach the last correction zone. Nevertheless, here the short-term chances also remain more likely to be found on the upper side.

Chart2

Hourly chart:

In this trend size, as well, we also see a still-young uptrend. Here the price went deep into its correction zone and is currently showing clear indications of continuing its trend with a new movement. The DowHowSetup is showing us a clear long signal (green arrow) so that we can let ourselves be stopped out on the way up. The stop should be placed below the green correction zone.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

Head of Sales/Trading

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Monday, 18 Jan, 2016 / 10:36

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