GWaves
Long

$AUDCAD | High Probability Target at 1.00261 | Wolfe Wave

FX:AUDCAD   Australian Dollar/Canadian Dollar
261 21 9
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.
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 johnmad
Thank you for your support John.
Reply
hello @chartistry, is this trade invalidated now? :)
Reply
GWaves 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.

Reply
ccake28 GWaves
Thanks so much @chartistry for your explanation. I learn a lot from you. Really appreciate it!
Reply
GWaves 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
hi.. may I know where is the stoploss?
Reply
GWaves ccake28
Hello @ccake28,



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
It seems to have bounced of the resistance. Would you still enter a long position for a breakout? Against the current trend?
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