maccabean

Buy stop/sell stop placement on the USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
84 2 0
Using fibonacci and triangle pattern analysis, I'm looking to place entry points for my next USD CAD. With this in mind, I've placed a sell stop below the very important 0.764 level in case it drops below that and above the last high I've placed a buy stop. Remember I'm not suggesting the price will break out of the triangle pattern, i'm just looking for levels at which to place my orders. In this case, I believe I have found some pretty strong levels supporting both by triangle and fib.

Your thoughts please!

www.thealphagenerator.com
dojitrader
2 years ago
Submitted for your thoughts, comments, questions, criticism . . .
If you're thinking Elliott Wave a triangle - A point - always starts on
the first counter trend leg to total 5 legs, each, hopefully, with 3 waves
of their own. In this chart Wave E may have already started it's upward
swing. E waves are notorious for coming up short of the trend line which can
make them very hard to trade until they break the triangle/retest.
Or, sometimes they will break below the triangle to really confuse the issue.
In any event stops need to go just below Wave C/A before the triangle is invalid.
This page shows basic examples if you're interested.
http://www.elliottwave.com/tutorial/Lesson4/4-3.htm
snapshot
Reply
maccabean
2 years ago
Thanks very much dojitrader. Very helpful.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out