Hello, im closely watching this pair because it seems its ready to make a pullback/correction. Looking at D1 chart we see an expanded flat correction could be forming for wave 4 circled. The AO also shows double bearish divergence:
Im trying to pinpoing an entry on H1 chart, price is making an AB=CD retracement to last highs.
I assume wave 1 blue is a leading diagonal.
Details on chart.
Regards.
Comments
FullTimeTrader
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UPDATE. closing all positions with profits. Seems price wants to make one more push high and form an expanding ending diagonal. Will update. Regards.
Bone-Collector-444
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personally i have cancelled pending short positions on USDCAD as the pair dicounted the bearish trend after FED.
FullTimeTrader
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My short position are near to BE, lets see next week. I will be ready to sell higher.
Bone-Collector-444
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Yes, i'll be shorting USDCAD at 1.33523. target is 1.27005
mkdeep04
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blue count or tgt grey box to complete 5w.. ,, price broke daigonal line n now testing . caution needed
FullTimeTrader
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Same area for a short!!
mkdeep04
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i placed sellstop 3170.. just in case
starter.starter.3
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Hi glad to find your posts today. I wonder if oil has bottomed now if USD will rise sharply after the pull back -- will oil drop sharply then? how low can it go?
FullTimeTrader
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Hello, correlation is useful but not to the pip. My bias is that oild has bottomed but now is consolidating. The USD will make a last push up (small one) and then fall like a stone. Oil will rally also at the same time. Regards.
AndyM
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Great view, similar to mine. all currencies, Crude, CAD - all need to reverse very soon. (1-2 weeks max). My only concern is the correlation to SPX - still looking for a reason that currencies do reverse, and SPX continues its decline. If currency markets do something different, the SPX should follow (reverse up?)..