USD/CAD: Possible crab or almost one...
Almost a crab this one, C point went a little far though... (over 0.886 which is technically too far for a crab but oh well close enough for me...). If your rules are strict about the ratio's then don't trade this one! Mine are a bit flexible in this case... :-)
Since there is a fib cluster below the crab PRZ I will look to enter short at 2 different levels. I'll divide risk over the different entry levels and add whenever posible if only the lowest gives a reaction.
EW Channeling suggests wave 5 could end quite a bit higher so I'll trail my SL closer asap. I was told however that waves 5 are often truncated in highly leveraged markets so we'll see... In any case I can't get the 3 levels of waves' channels to coincide so it surely won't be a textbook situation, or my count is wrong of course! We'll just have to wait-and-see...
Oh and there's still that huge monthly bat with PRZ around 1.5370 (see link below), so for those who think this pair can't go much higher..., not saying it will, but it sure can!
Happy trading!
Since there is a fib cluster below the crab PRZ I will look to enter short at 2 different levels. I'll divide risk over the different entry levels and add whenever posible if only the lowest gives a reaction.
EW Channeling suggests wave 5 could end quite a bit higher so I'll trail my SL closer asap. I was told however that waves 5 are often truncated in highly leveraged markets so we'll see... In any case I can't get the 3 levels of waves' channels to coincide so it surely won't be a textbook situation, or my count is wrong of course! We'll just have to wait-and-see...
Oh and there's still that huge monthly bat with PRZ around 1.5370 (see link below), so for those who think this pair can't go much higher..., not saying it will, but it sure can!
Happy trading!
Trade closed: stop reached:
Damn, SL overshot and then it reversed...
Back short from 1.4095, SL 1.4120.
Back short from 1.4095, SL 1.4120.
Trade closed: stop reached
