( waiting for rd2 1234 hns week21) ( rd 1: +50 , +2 BE) week20 GBPCAD d1 hns completed , zig-zag pattern


on w1 I could not see any resistance.
However on D1 a few month slant HNS has been formed, with yesterday bearish close,

price is now below the neckline.

Looking for a conservative TP but it seems like the space is huge for a potential 500 pips move, should I be aiming for the height of the head.

week20 GBPCAD D1 hns completed  2 pos 150514

updated 170514

managed to take profit at a level which I have identified and indeed price did a bounce from here.
within 1.5 days, a 1234 was build up.
Some price intricacies noticed:

1- downflow that crushed the neckline created fib levels that price respected and played around it.
2-fib5 became the shoulder and fib6 became the head
3-Should a right shoulder be formed @ fib5, this distributive pattern can be taken as retesting the neckline
4- Therefore this gives it coiling energy to smash the interim support that I have identified.

week20 GBPCAD  trade outcome + 50 +2 BE week21 1234 trade 170514

trade plan for week 21

week21 GBPCAD h1 potential hns to retest neckline 170514


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