Hi everyone, this is a super short term long, so I hope you can all catch it in time. I have been looking at the 5 minute chart to make this play, but the resolution is too small to post, so I I would recommend that you look at your own chart with my post pulled up beside it.
Elliott wave analysis: On a super short term, we are finishing our wave 4 triangle, and I suspect that we are going to hit the top boundary of this channel, or atleast somewhere around there. On a greater time frame, we have hit a 1:1 extension of the first wave, so there is a lot supporting the idea that the cad SGd is headed down, so please stick to your stop loss. For this case, it is at the bottom barrier of the triangle. I have mine set at 1.03768. I would highly recommend that you set it no lower than this.
Moving average analysis: On the 5 minute, we can see that we are currently experiencing a huge move in the making. All of the moving averages are coming together, but we are continuing to hold along the 200ema. This leads me to think that we are on our way up just a bit longer.
MACD analysis: On the 5 minute, the macd is trending upwards, but on the higher timeframes, we are set to go back down, so please be careful.
Rsi analysis: The RSI on the 5 minute is very, very shaky, and isn't telling me anything. On higher timeframes we are also seeing some bearish divergence, so just be careful.
All in all, this is definetly a risky trade, but I think that the 2:1 R:R combined with the evidence supporting the rise upwards, hints to me that we are going to come out with a profit on this trade.
Enjoy the rest of your night, and goodluck trading tomorrow
Elliott wave analysis: On a super short term, we are finishing our wave 4 triangle, and I suspect that we are going to hit the top boundary of this channel, or atleast somewhere around there. On a greater time frame, we have hit a 1:1 extension of the first wave, so there is a lot supporting the idea that the cad SGd is headed down, so please stick to your stop loss. For this case, it is at the bottom barrier of the triangle. I have mine set at 1.03768. I would highly recommend that you set it no lower than this.
Moving average analysis: On the 5 minute, we can see that we are currently experiencing a huge move in the making. All of the moving averages are coming together, but we are continuing to hold along the 200ema. This leads me to think that we are on our way up just a bit longer.
MACD analysis: On the 5 minute, the macd is trending upwards, but on the higher timeframes, we are set to go back down, so please be careful.
Rsi analysis: The RSI on the 5 minute is very, very shaky, and isn't telling me anything. On higher timeframes we are also seeing some bearish divergence, so just be careful.
All in all, this is definetly a risky trade, but I think that the 2:1 R:R combined with the evidence supporting the rise upwards, hints to me that we are going to come out with a profit on this trade.
Enjoy the rest of your night, and goodluck trading tomorrow