USDCAD, Elliot Wave theory in play. Last motive wave to point 5. I am bearish on this pair, with the target to 1.25 area
Reason :
- Price retest and rejection on fib level 50% .
- Lower low formed on overall trend on 4-hourly chart.
- EMA line above, creating a dynamic resistance above
- Potential to reach next support points :
Short at CMP or 1.2600 area; TP -1.25 , SL 1.2640 area.
Risk Reward 1:1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- Price retest and rejection on fib level 50% .
- Lower low formed on overall trend on 4-hourly chart.
- EMA line above, creating a dynamic resistance above
- Potential to reach next support points :
Short at CMP or 1.2600 area; TP -1.25 , SL 1.2640 area.
Risk Reward 1:1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Trade closed: target reached:
Target hit as per analysis, zero drawdown trade ! Happy Friday secured bags $$$
#ElliotWaves played out nicely.
#ElliotWaves played out nicely.