OVERVIEW - Daily Chart
SCENARIO #1 - Wave 4 Has Not Finished
CONCLUSION AND MY TRADE PLAN
After capturing +189 pips profit on the trade (see Related Ideas: "TRADE CLOSED: UPDATE #2: USDCAD: TP1 + 2 HIT (+189 pips)"), I am now not in any positions on this pair. So now I am waiting for more confirmation as to whether wave 4 is over or not. If prices do exceed 1.32139 and close above, then I will wait for the completion of the patten before taking any positions LONG or SHORT. If prices are rejected at or before the 1.32139 point, then I will look to get SHORT on a continuation of the wave 4 down.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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