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!

http://www.thealphagenerator.com
Thanks very much dojitrader. Very helpful.
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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
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