dojitrader
Long

2 + 1 more low = a unique 3 drive possibility . . .

FX:USDCAD   U.S. Dollar/Canadian Dollar
228 14 2
This does have the 1.272 fib ext on the last two legs,
so, it has some harmonics, albeit, not the best looking symmetry.
Just one more minor low would complete the c of the a-b-c
to the bottom.
What is best about this potential is it would be an entry right
on the line of previous support that was resistance.
Small risk is also a big plus !!!
traderWgun
2 years ago
I was just looking at this pair when you posted this idea :)
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dojitrader traderWgun
2 years ago
Do tell ~~~~
I'm always interested in your thought and insight !
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traderWgun dojitrader
2 years ago
Well, the decline looks corrective so far,
and more upside in this pair is in line
with my expectations that we will see a bit more
AUD weakness before the CAD AUD and NZD turn bullish.

But personally I don't see a trade that suits ME,
but I wish you good luck with your trades!
Reply
dojitrader
2 years ago
Fine Tuning . . .
Took 1st target profit at market +66 pips: seems more logical than
counting on an immediate breach of 1.1000
and moving stops to +15 pips as break of structure
on the hourly chart would probably mean the trade is over.
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dojitrader dojitrader
2 years ago
Hah !!!! So much for logic ~~~~
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dojitrader
2 years ago
My wildest imagination did not anticipate this ballistic move ~~~
And, I have this HUGE imagination !!
Moving stops to just below the .618 @ 1.09629 while waiting for
some kind of correction that creates a support level to move stops
under next which would be about +40 pips
Reply
dojitrader
2 years ago
When the markets have you baffled a trader should always fall back on his rules.
And, my rules say wait, patiently, for target 2. However, I just can't stand it !!!
140 pips in 7 hours is too much to take so I'm gonna take it for position 2.
Letting position 3 run for all it's worth. Stops when some sort of correction
appears. Talk about parabolic ~~~ so 66 pips on position 1 and 140 on position 2
Whoooo Hoooooo ~~~~~~ !!!!!!!!!!!!!!!!!!
(i do need a new pair of shoes)
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dojitrader
2 years ago
A minor new high with an immediate reversal seems to indicate a bigger correction.
Moving stops on the 3rd position under the recent low @ 1.10549
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dojitrader
2 years ago
wow !
The Loonie is unbelievable, so, I'm gonna do something else
that's unbelievable --- move my 3rd profit target HIGHER.
@ 1.1935. Don't think I've ever done that before.
Stops are the same until another point of rejection appears.
will be watching the candlesticks for any indication I need
to close the trade before hand.
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dojitrader dojitrader
2 years ago
Ok !
1.1193
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dojitrader
2 years ago
Price action has created another point of rejection so
I'm moving stops to 1.1088
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dojitrader dojitrader
2 years ago
Moving stops just under the last point of rejection
@1.1138.
Looks like my higher target 3 is well within reach.
Reply
dojitrader dojitrader
2 years ago
Well, not even the great trades work out perfectly.
News at the bottom of the hour came up 2 pips short
of hitting my upside target and then took out the stops
below (60 pip swing so far)
The good news is target 3 made a total of 215 pips
With 66 on the 1st target, 140 on the 2nd target, this
certainly makes my month.
Moral of the trade ----- Been thinking about it all week.
You just never know which trades will hit and which ones won't:
BUT, if you follow your rules, patiently, THE biggest problem
for most traders, you'll be there to participate when the big ones hit.
Maybe, finally ?, I'll learn that lesson well this week and remember
for all the trades to come in the future.
{{I need to stop second guessing myself I let 3 other trades go by this week
that would have been a lot more of pips !||
Follow your rules:
Harmonics are easy, Psychology is tough !
Reply
Marketrend
2 years ago
Confluence pattern+area help a lot EWolfe pattern is easy pic.twitter.com/plVXUJ3h6A
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