UPDATE #1: TRADE: USDCAD: BUY@1.30145 Wave (A) of 4 Done.

Here are my updated TP's for this trade. Since I am now thinking that this pair is now in a wave 4 retracement having just finished the wave 3, I am going to be playing this wave 4 as a possible ABC pattern of some sort. Will it be a more complex pattern than that? Can't know now. Will just need to see how it unfolds. But for now, this bottom of this nice downtrend could be the end of the wave (A) of that wave 4. If so, we should now be expecting a wave (B) to start. One thing that happens almost ALL the time is that whenever you get an "end" to any major trend (which I don't think we have gotten to the "end" yet), you will almost CERTAINLY see that high/low point get retested. Well, whether my wave count is correct or not, the recent highs need to be retested. And that what this wave (B) will be doing: retesting the highs.

Therefore, I anticipate that this wave (B) should my wave count be correct should at the very least get into the .618 of the G-Zone if not higher than that. I have marked a MAJOR SR Structure level on the chart and that structure rests at the .786 retrace which is a VERY common retest level. I'm thinking that may be a good a place as any for the wave (B) to finish up. Therefore, I am placing a TP3 at that point. But of course, with each TP this trade hits, I will be evaluating the PA to see how much if any profits I'll be taking off this trade and putting in my pocket.

When that wave (B) finishes, I'll be VERY INTERESTED in going SHORT for that wave (C) down which I think will be pretty DEEP! Given that my wave counts are correct of course!

*DISCLAIMER:
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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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