dojitrader
Long

Looking For Another Ride . . . Up ?

FX:USDCAD   U.S. Dollar / Canadian Dollar
82 2 0
A simple a-b-c correction with C wave = wave A
subdividing into a normal 5 waves should yield
a point of entry for another ride on the trend
to the upside. (perhaps a big ride as there is not
much resistance until 1.15 {but, I don't want to get
my mouth watering = that's always bad for the trade}
So, depending on how impulsive the next up leg tracks,
I'll probably be raising my targets. These are good
for starters should this fail to appear as expected.
Stops are a bit of a debate but, I don't see this going
to the .618 unless this idea is wrong. Re entry, of course,
is always an option and I'll be seeking light from the candlesticks .
Either my ride left me waiting at the station or another leg down
will signal an extended form of C wave, perhaps.
Anyway, I'll be very suspicious of a leg down and only
enter a trade if the candlesticks created an enticing trigger.
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This lingering with a tiny up thrust has me thinking that stops are too tight.
Not using a limit order - hoping I'll be awake when the time comes
to see what the candlesticks have to say.
Smart stops now look like they should be below the .618 -
a very likely entry target.
Reply
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