1DAYUMAY
Long

CADCHF trading wave 3

FX:CADCHF   Canadian Dollar/Swiss Franc
240 3 1
there appears to be our first set of 5 waves up for red wave 1.

i believe red wave 2 is close to being over with. it appears to be taking the form of a zig zag .

from here i expect a series of 5 waves higher to finish off yellow wave iii             at approx .95000 and then eventually on the 2 hr             time chart to hit the red wave 3 which is 1.618 ext of red wave 1.
i think that you are right as this would be a nice reversal off the support however, i would only buy once it closes and reopens above your point 2 (where you bought) from there you would have a more confirmed chance of it reaching your targets. I have actually just bought at 0.935 as this is my target area for a reversal with a small lot and tight stoploss. I will be buying at the mentioned point once convinced that the wave is confirmed with larger lot sizes and the stoploss will be not far from the area of initial buy in with small lot size keeping profit and risk low.
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i hear what your saying. but i use strictly elliiot wave. and i bought off 61.8 ret from my red wave 2 which is something i usually look for and have done for a long time. i would be surprised to see it take out the start of red wave 1. my risk/reward is almost always a minimum of 3/1 so even if i were to be wrong half the time i always come out ahead in the long run. either way we shall see soon enough. good luck
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Spitfirefx 1DAYUMAY
Hi nate do you have an contact privetly on ? I would like to run some elliott wave stuff past you ...
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