FX:USDCAD   U.S. Dollar / Canadian Dollar
326 6 17
I used a pending short for the USDCAD             this afternoon but was not able to post it prior to NFP. However there will be another sell trade opportunity for those that aren't short yet. I showed an indicative wave count but key is that I will be looking for a bottom around 1.275. It is unclear yet for me whether this will be a 3 wave structure or 5 wave structure. Nevertheless bigger picture I expect this bearish price action to be corrective and once we reach 1.275 area price should bottom for a test of at least 1.335.

Updates will follow

http://www.timstuyts.com

www. facebook             .com/timstuyts

https://www.youtube.com/watch?v=HvmWTm4fcl8
Comment: The short in USDCAD is turning in a nice winner with a risk/reward already at 4/1 in terms of the first position. I added for the wave 5 short as mentioned in my previous post which makes this a trade of more than 10% return on capital. I start taking profit but expect a last attempt lower towards at least 1.265. However the main trade will be the buy once this consolidation of higher degree settles. I'll keep an eye on oil with 51 closing in. But in the end I trade what I see in terms of structure. Updates will follow in case we see a minor consolidation or reversal sign.
Comment: I drew this harmonic pattern as a response to another post but I'm not trading harmonic patterns because they follow structure and don't lead them. Good trading all
Comment: I expect USDCAD to make at least another move lower as shown by means of the wave count. However if price accelerates higher in an impulse I will wait for the consolidation and then buy the continuation. Updates will follow but for now I'm looking for another leg lower first.
Comment:
Hi Tim, the price didnt drop below (v) even after the news release. is the wave c consider completed? or another drop is possible. thanks
Reply
TimStuyts edisoho
For now I favor another leg lower to complete wave C. If we accelerate higher (break out of the channel) I will wait for the consolidation and look for buy's.
Reply
edisoho TimStuyts
I see, thanks for ur reply
Reply
TomPower TimStuyts
Tim. as a good correlation expert that you are I'm taking you would expect oil to start turning down as well.
Reply
TimStuyts TomPower
I've updated USDCAD, EURCAD and Oil more or less at the same time. I'm still bearish for Oil and holding some of my original shorts.
+1 Reply
Very well done! Envying that.
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out