USD/CAD has a Elliot wave on 4h hour chart, Here is the Proof!!!
Hello ladies and gentlemen, i hope you all having a nice weekend.
Today we have a post with educational idea of elliot waves. Let's observe together, i hope you will like it.
Rules of Elliot waves:
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
We are in A-B-C correction now but main problem is i couldn't define B point perfectly because market is closed right now and not sure if we were passed B point or not thats why i need to see more reaction of usd/cad to define perfect B point.
Okay what will be our setup for this trade?
-For a safe trade, you can wait till price breaks inclined support. Then aim 1.29610 as a target.
-For a more risky trade, you can jump in from these price levels and aim for 1.29310 as a target which is very close to low of 4th wave.
If you are going to decide on second trade setup, i recommend you to use less leverage for a calm trading journey.
(For example 25 or 10 times of leverage)
Stop loss for both trade setups: 1.30900
I hope you enjoyed with my analysis, i wanted to show elliot waves' rules in action.
Please support my account by sharing and liking for more educational ideas.
Thanks and have a nice weekend.
Berk.
Today we have a post with educational idea of elliot waves. Let's observe together, i hope you will like it.
Rules of Elliot waves:
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
We are in A-B-C correction now but main problem is i couldn't define B point perfectly because market is closed right now and not sure if we were passed B point or not thats why i need to see more reaction of usd/cad to define perfect B point.
Okay what will be our setup for this trade?
-For a safe trade, you can wait till price breaks inclined support. Then aim 1.29610 as a target.
-For a more risky trade, you can jump in from these price levels and aim for 1.29310 as a target which is very close to low of 4th wave.
If you are going to decide on second trade setup, i recommend you to use less leverage for a calm trading journey.
(For example 25 or 10 times of leverage)
Stop loss for both trade setups: 1.30900
I hope you enjoyed with my analysis, i wanted to show elliot waves' rules in action.
Please support my account by sharing and liking for more educational ideas.
Thanks and have a nice weekend.
Berk.
Trade active:
My safe trade is acomplished just now :)
I hope you enjoyed with my educational analysis about elliot waves.
If you want to see more educational and benefical posts, please support my account by following and liking my posts.
This is my only motivation here to post as you expected.
Hope to see you in next trades, have a nice day.
Berk
I hope you enjoyed with my educational analysis about elliot waves.
If you want to see more educational and benefical posts, please support my account by following and liking my posts.
This is my only motivation here to post as you expected.
Hope to see you in next trades, have a nice day.
Berk