Fxprotrader

AUDCAD@ Elliott Wave Cycle Completion

FX:AUDCAD   Australian Dollar/Canadian Dollar
Looking at 4H chart of AUDCAD             we can clearly see that price has formed a complete elliott wave cycle. Price went down in 5 waves, and after a typical divergence with RSI it moved up into a correction in 3 waves ABC reaching 0.618 of the impulsive leg (waves 1-5). A very classic cycle..

Having in mind that we are in an overall downtrend this is a very nice setup for a short trade. There are two things we can do:

a) Wait for a bearish harmonic pattern to form in the lower time frames
b) Enter the market when price breaks the short term support trendline (blue in chart)

If a harmonic is formed i will repost an idea linked with this one..

Like & Comment :)



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giankee
a year ago
I think your chart was spot on! I am angry at myself for not having got involved in this trade when I thought about it on Sunday evening. Cheers to you, hopefully you went for this trade. Nice risk/reward on it.
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Fxprotrader PRO giankee
a year ago
Never get angry with your decisions. If you didn't entered this one, you probably had a reason. There will be tons of great setups and you may get involved with them. Have a nice day..!
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