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GWaves
May 4, 2016 6:36 PM

$AUDCAD | High Probability Target at 1.00261 | Wolfe Wave Long

FX:AUDCAD1D
Australian Dollar/Canadian DollarFXCM

Description

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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

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Comment

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Geo's Off-Set Rule at point 4 remains the target.

Comment

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Target Hit.
AUDCADaudCAD
Comments
johnmad
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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.
GWaves
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Thank you for your support John.
ccake28
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hello @Chartistry, is this trade invalidated now? :)
GWaves
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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
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Thanks so much @Chartistry for your explanation. I learn a lot from you. Really appreciate it!
GWaves
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@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.
ccake28
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hi.. may I know where is the stoploss?
GWaves
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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
ccake28
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Thanks so much Chartistry for your generosity. Have a great weekend!
mabaert
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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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