glennmercer
Long

CADJPY Long: Bull Flag Rally into Wave-(v)

FX:CADJPY   Canadian Dollar / Japanese Yen
Hey traders! CADJPY             is producing a nice bull flag and is likely wave-(iv)-of-((c)). That would mean that we have another rally coming before it's time to start looking for shorts. I have target set to the A=C level with SL beyond the point which would invalidate the triangle. Setup is valid unless new highs are made before triangle completion or if invalidation level is breached.
Order cancelled: Price dropped below C on a bearish impulse. HOWEVER, another triangle has presented itself. This trade is active with the same profit target. I have stops set below wave-e terminus:
snapshot
Hi glennmercer. Nice explanation. What is your SL for this trade?
What is your opinion regarding your other idea in oil between the relation of Cad/jpy and oil?
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TheBossHoss TheBossHoss
What I want to say is if you see until the end of this week if we are going to have a drop
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CADJPY is starting an up-trend, it will not drop that much. It will continue down until it's first major resistance 77.850 and bounce back to go with it's trend.
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glennmercer PRO BabasNumbaOne
That is possible, and what will prove or disprove this theory is what follows this bullish impulse! Thanks BNO
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glennmercer PRO TheBossHoss
Boss hoss, great comment. Thanks for bringing up that correlation. I am anticipating a drop in both by the end of the week. I think this bullish impulse is the c wave at the end of a triple combination correction. Therefor, this would mean that upon the completion of this five wave sequence we will see a drop. Likewise, in OIL, we seem to be completing an expanding triangle which may mark the end of its bullish rally as well.
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