FX:AUDCAD   Australian Dollar/Canadian Dollar
339 4 10
In my last post about AUDCAD             I wrote"

'The short trade I called yesterday is working out great. However this doesn't look good to me yet for a bearish break out of the channel. Manage the short closely next week and don't be surprised if we see another leg higher.'

I believe we are in an expanding flat correction but it is too soon to tell, what looks obvious to me is that we need a pullback soon.
Keep in mind that the CAD pairs most likely will go hand in hand.

I want to make a note about some questions I received recently, they were good questions but hard to answer.

Technical's by means of Elliott Wave show a big deal of market dynamic and future movements, Those who understand it also know where this comes from. Emotions are based on expectations, fear, biases etc. So those who say fundamentals don't matter just don't have the knowledge to understand the fact that it matters. Which is okay and not worth discussion. All variables that are driving emotions are driven by fundamentals (expectation of what will happen, fear for what might happen, etc).
Technical analysis is relatively simple if you are dedicated and are willing to invest time and effort. In the end it is an equation of probability and risk/reward.

But if you want to increase your success ratio be prepared to study more complex material. The global economy is facing some tough issues and the 4 major asset classes will tell us a big deal of what to expect and when. Forex is one of those asset classes and the Dollar is still the world reserve currency. On the other hand CAD is very connected to Oil             whether someone believes it or not. Commodities are another player in these 4 major asset classes. What I try to say is understanding fundamentals is different than understanding the news. (Buy today's news and you are selling tomorrows newspaper).

News is about others trying to make sense of it all, therefore only the best make money and the rest loose when trying to make sense of fundamentals. But better believe me that the top players in the world make money by trading fundamentals.
So if you guy's PM me with questions about fundamentals it is almost impossible for me to explain that in a simple message or a post on Tradingview.
Just realize that things are connected and that's one of the reasons Elliott Wave is such a great tool, it is based on mass behavior. So if you want to play it simple, study technical analysis . If you want to step up your game you need to invest a lot of time in understanding the whole dynamic.

I will definitely try to help you with this but it takes time and a lot of effort. I will notify you all on Tradingview when my webinars will start.

Have a great day, safe trades and keep an eye on USDCAD             when trading the next big move in any other CAD pair. Because longer term we are looking for another leg lower for USDCAD             on the daily time frame.
Comment: We saw the move lower, now we need to determine whether it is the move for a wave 4 or the reversal all together.
snapshot

The arrows are indicative.
thanks Tim
Reply
Tim do you have a trading room for collaboration / live trading together?
Reply
TimStuyts ezodisy
Not yet but I will launch that soon. It won't be expensive and go hand in hand with daily updates you can study whenever you like. Keep an eye on my website and you can already leave your email for notifications about when I will start this.
+1 Reply
Good talk mate!. i really appreciate your generosity. it help a lot
+2 Reply
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