Today we have a post with educational idea of waves. Let's observe together, i hope you will like it.
Rules of 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 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 waves' rules in action.
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Thanks and have a nice weekend.
I hope you enjoyed with my educational analysis about elliot waves.
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Hope to see you in next trades, have a nice day.