$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.

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.
hello @chartistry, is this trade invalidated now? :)
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.

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

ccake28 GWaves
Thanks so much Chartistry for your generosity. Have a great weekend!
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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