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Trendlines - Two sides of the story

Jignesh Posted 1 May  in #Trader's blog #Trendline #Gbpcad
Trader's use all sort of different technical tools in their analysis. One of my favorites is Trendlines.
They can be very useful in determining entry points in a continuation of a trend, and at the same time, a great indicator for breakouts, reversals, and longer term pullbacks. Depending on which TF they are used, often longer term reversals can be spotted early.
However, this tool falls into the category of one that is subjective. A TL can be drawn different ways, and often subconsciously we d…
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GBPCAD Forming a Daily Doji against it's 50 Back

Jignesh Posted 12 May  in #Trader's blog #Support #Resistance #Trendline #Channel #Fibonacci Levels #Gbpcad #Candlesticks
The British Pound has rallied quite strong over the last few weeks. The major catalyst was the elections last week, we saw some follow through with decent data coming from Great Britain this week.
The rally has caused the GBPCAD to come back and test the 50%Fib of the last leg down. We are starting to see the strong momentum die down a bit, which can be seen as Daily Doji in the making.
Other Pound pairs have made some significant breaks during this same time period. The GBPNZD for example has b…
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As Bullish as GBP is...

Jignesh Posted 13 Feb.  in #Trader's blog #CAD #Gbpcad
This week the GBP has shown some strength with the BOE expressing that they are not looking at cutting rates this year, rather they will focus on a rate hike in 2016. This came as somewhat of a surprise as globally all central banks are facing deflation on the back of weak oil prices.
Nevertheless, the news failed to take out highs in GBPCAD
The chart above shows the price action during the BOE press conference. Not only did it not take out highs outlined by the eclipse, it also retraced back to…
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GBPCAD looking to retest highs once again

Jignesh Posted 31 Oct. as Analysis on GBP/CAD, Target: 1.8580, Date: 1st of December, 12:00 GMT  in #Technical analysis #GBP/CAD #Fibonacci #Elliot Wave #Elliott Wave #Abc Correction #Gbpcad
GBPCAD has a clear wave count that can be seen on smaller time cyles which gives a better insight on the overal picture as the pair has mostly been consolidating for the year.
Levels
1.7653 - Daily Support Zone
1.7850 - Monthly Fib Level
1.8580 - Resistance
1.8648 - Previous spike high
The month chart shows the pair has not been able to close below it's 23.6% retracement, and the most recent leg catching a good bounce from that area as per the below chart.
Figure 1 - GBPCAD Monthly - fails to po
…
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4 Comments
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Jignesh 5 Nov.

The pair has started the month on a bullish note, and has caught some resistance at 1.8288.  So far it looks like a double correction has been completed and a pull back is anticipated here.  1.8070 offers a good support zone with the 50% Fib level as well as previous resistance.  The second support level would be the important 1.7952.  As long as price is contained by these levels, the upside view remains.

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Jignesh 9 Nov.

The pair ended the week with what appears to be a double bottom on smaller time frames against 1.7952.  The level is an important level in larger time frames and also marks the 76.4% retracement of the last leg up 1.7853-1.8288.  This is a critical level for upside momentum for the month.  The CAD has been showing strength as of late, and thus will be monitoring this level for the week.

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Jignesh 17 Nov.

The pair has broken through support and continues to look bearish. 

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Jignesh 25 Nov.

The technicals on this pair continue to look weak, as well from a fundamental perspective the GBP has become very bearish.  I don't anticipate a turn around in the pair

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Missing out on a trade - When it benefits

Jignesh Posted 6 Aug.  in #Trader's blog #Trading Psychology #Gbpaud #Gbpcad
One of the items of trading psychology - missing out on a trade. It can really affect performance thinking about trades like this, especially when you get stuck dwelling on it.
I missed out on a GBPCAD trade last week. I was short the pair, and saw an area where I expected a reversal. I was looking to both close my position and I had already set a bid in at the same price on Friday. The price came within 4 pips of my target and ranged for a bit. I ended up getting stopped out on my short for bre…
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Given back all my gains on Friday

Jignesh Posted 26 July  in #Trader's blog #Usdjpy #Usdcad #Gbpcad
I took a relatively big hit on Friday. My contest account was around the $150K mark, and I'm currently all the way down to $97K.
The big hit I took came from CAD. I had taken another position by shorting USDCAD. In my previous post I talk about a possible 5 wave sequence calling for one more leg of weakness. As I was watching the price action however, it was clear the move in the last few days was not impulsive and I really should have cut that position at a smaller loss.
I knew going into the w…
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VikaChechenkova avatar
VikaChechenkova 30 July

wow))

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Contest Update

Jignesh Posted 21 July  in #Trader's blog #Gbpaud #Usdchf #Gbpcad
I've added a GBPAUD long to my contest account. Watching the open this week, I've noticed the AUD selling off against many of it's counter parts.
RBA Gov Stevens is due to speak mid way through the Asian session. In the past, he has on several occasions attempted verbal intervention in trying to bring down the exchange rate.
In the past, the RBA has been very vocal about a high exchange rate at current levels, this time around, I believe fundamentals do not support a rate cut and thus they are n…
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So many setups

Jignesh Posted 17 July  in #Trader's blog #Eurusd #Eurgbp #Gbpjpy #Usdcad #Usdchf #Gbpcad #Cadjpy
I've spent the last few weeks very inactive. I've taken maybe 2-3 trades, and that in the EURUSD only.
Over the last 24 hours, I've been seeing many of the pairs at inflection points, and have taken several trades. Here is a brief summary
GBPCAD - short
USDCAD - short
CADJPY - long
EURUSD - long
USDCHF - short
EURGBP - long
USDNOK - short
USDSEK - short
GBPJPY - short
Needles to say, I'm a bit overexposed. I'm still seeing even more setups in EURNZD, NZDUSD , Gold, at this point I'm going to hav…
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CAD Positioning ahead of Data

Jignesh Posted 4 June  in #Trader's blog #Gbpcad
There is some upcoming event risk for the Loonie in the New York Session.
We have the Trade Balance, as well as the overnight rate and rate statement.
Although some may believe that the Canadian central bank may take a dovish approach, inline with some of the other countries that continue to look to cut rates, I don't believe that is the case for Canada.
For starters, the central bank is not focused on verbal intervention, and you may have noticed it is one of the central banks that does not uti…
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