Interesting.. So with a fundamentally weak Euro and the possibility of the ECB launching an ABS style QE, whereas the Canadian dollar in comparison being fundamentally stronger, you recommend long positions.. Also the analysis is based on an assumption that wave 4 is complete. A bearish engulfing candle two weeks ago followed by last week's candle failing to close higher leaving a long upper wick..
Will be keeping an eye on this analysis.
Recluse82
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very nice setup, my tp.is also around 1,60
UnknownUnicorn58434
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Thanks ;)
UnknownUnicorn58434
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Hello Justatrader,
I don't pay attention to the fundamentals because I have the believe that prices move first, news come after.
For the wave 4, of course is an assumption based on the potential support around 1.41 level, but an assumption with acceptable risk/reward I would say :)
For the rest, I'm trusting the patterns until my stop-loss get hit, I managed and accepted the risk for that. The Market will decide like always, if right or wrong, nothing to think about ;)
Will be keeping an eye on this analysis.