GWaves
Long

$AUDCAD | High Probability Target at 1.00261 | Wolfe Wave

FX:AUDCAD   Australian Dollar/Canadian Dollar
257 21 8
Hello Traders,

The moves against CAD are going great thus far (reference GBPCAD             and USDCAD             in related ideas). Here is another high probability move to the upside.

Since we hit 5' we are looking at a high probability target of 1.00261 at Geo's Off-Set rule.

Best,
Chartistry
Trade active
Comment: Geo's Off-Set Rule at point 4 remains the target.
Comment: Target Hit.
hi.. Is the trade active already?
Reply
GWaves PRO ccake28
Hello @ccake28, that is correct.
Reply
ccake28 GWaves
Thanks @Chartistry, I always love your analysis! Superb!
Reply
GWaves PRO ccake28
@ccake28,

Thank you for the kind compliments. I am glad they are of use to you.

Best,
Chartistry
Reply
It seems to have bounced of the resistance. Would you still enter a long position for a breakout? Against the current trend?
Reply
GWaves PRO mabaert
Hello @mabaert, would you happen to have a chart showing the resistance?
Reply
Thanks for the reply. No, actually I'm pretty new. Was looking at the live chart, comparing your lines. Thanks for the correction. Am I correct to say it is too soon to say? Break or bounce, we are just in front of it?
Reply
GWaves PRO mabaert
@mabaert, If you are referring to the purple ab=cd lines, you would not consider the angle of that line to act as resistance/support. That is a simply a visual to help the trader see that an ab=cd pattern has completed. Signalling that the downward move is complete and will reverse.

To answer your question about the trade: The way you would trade the Wolfe Wave is to enter into a long position between point 5 and 5'(prime). That is the 'sweet spot' to enter this trade, in this case that entry would be a long.

I hope this answers your question.

Best,
Chartistry
Reply
It does about the lines, thank you!
About this wolfe wave: just to clarify in terms: the 5 and 5' position would be considered the pullback region?
Reply
GWaves PRO mabaert
@mabaert,

To answer your question to the best of my ability I will refer you to a few helpful links.

1. http://wolfewave.com/ - This website is ran by the person who found this pattern(Bill Wolfe). He breaks down the structure of the Wolfe Wave.
2.
$AUDUSD Wolfe Wave, Point 4 In Sight
- This is a previous post of mine that talks about the internal moves of the Wolfe Wave.
3.
$DXY US Dollar Index Wolfe Wave and Geo
- This is a previous post of mine that talks about Geo's Off-Set Rule
4. https://www.tradingview.com/u/4xForecaster/ - 4xForecaster is by far the best teacher when it comes to the Wolfe Wave. You can look through a number of his posts to see the Wolfe Wave and Geo's Off-Set rule in action.

I hope this helps.

Best,
Chartistry
Reply
thanks!
Reply
GWaves PRO mabaert
You are welcome.
Reply
hi.. may I know where is the stoploss?
Reply
GWaves PRO ccake28
Hello @ccake28,

snapshot


I look at the Fib extension 1.414 of point 3-4 as a stop loss. Stop losses, though, depend on the traders strategy. I'd recommend looking at different strategies for a stop loss to find one that will work well for you.

Best,
Chartistry
Reply
ccake28 GWaves
Thanks so much Chartistry for your generosity. Have a great weekend!
Reply
hello @chartistry, is this trade invalidated now? :)
Reply
GWaves PRO ccake28
Hello @ccake28,

The 1.414 stop was triggered. But the Geo has not bee invalidated. I'd look at Geo's Off-Set Rule #3 which states the following.

If price hits 5", which is found by duplicating the 2-4 line and placing it on point 1, then Geo's Off-Set Rule looks at point 3 as the highest probability target.

snapshot
Reply
ccake28 GWaves
Thanks so much @chartistry for your explanation. I learn a lot from you. Really appreciate it!
Reply
GWaves PRO ccake28
@ccake28,

It humbles me to know I can teach on this website the same way I learned. Thank you for asking the questions and engaging.
Reply
I am in my element since i discovered you on Tradingview , i also just love your RSI explanation as i have really studied RSI and if you understand it properly you will end up making better decisions .Thank you for all your posts.
+1 Reply
GWaves PRO johnmad
Thank you for your support John.
Reply
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