FullTimeTrader
Short

USDCAD-alternate count WxYxZ correction

FX:USDCAD   U.S. Dollar/Canadian Dollar
1442 15 21
This pair is in ugly consolidation for two weeks with very low volatility . We know it: after a period of low volatility follows a period of STRONG volatility .

I have discarded the expanded flat scenario because of the choppy and overlapping price action.

Price is consuming time and that reminds me a triangle.

Thats what i'm considering seriously this alternate count: wxyxz correction with a triangle for X appears to be finishing.

We see price is at the E point of the triangle so its going to exploit very soon. Im opening short positions now because it could be too late tomorrow.

D1 chart count:

snapshot


Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell. Most of this setups are for backtesting.
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).

What you think about this I am sure you wont agree.....
snapshot

Reply
Hello, i like harmonics also but you are anticipating too much. The rule are defined for trading the D leg of the pattern. The C leg could have many extensions 1.27, 1.414 and even spike the 1.61. So its a wide range of possibilites right now. Once the C leg is complete the market will tell if price can reach the D leg and fill the cypher pattern. We are followers, not predictors of the market. Regards.
+1 Reply
FXROB FullTimeTrader
you have right I agree but this is only predictions to watch the level 1.33030 to 1.34230 .
Reply
Dany_1990 FullTimeTrader
Great Explanation about harmonics! I did the same mistakes, Anticipating too much will make the trader upset when pattern goes wrong. Thanks
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usdcad could easily hit those levels. but iam for 1.27004 and 1.23766. strong bearish move could be in the cards.
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FullTimeTrader griffin1989
Yes, this targets are short term but price can easily reach even 1.200 (previous wave 4). Regards.
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Double bottom for oil as I'm expecting is supported by this view. 53 max target and fall!
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FullTimeTrader Yahia.Awes
Im already short with targets shown on chart, next week will be decisive. Regards.
Reply
Interesting theory. What are your thoughts on this:-

"The only time wave X of a corrective combination can make a new price extreme is when wave W is a flat correction. If wave W is a zigzag, then wave X cannot make a new price extreme."?

Regards, D.
+1 Reply
FullTimeTrader tradersixsixty6
Hello, thanks for your question, there are some corrections not seen very common. This community is just for that purpose: taking other views in consideration. I have made some research and found this on EWI's FAQS.
"Q. Can wave X go beyond the start wave W in any corrective wave?
Can wave X go beyond the start wave W in any corrective wave?

A. In a combination, wave X can go beyond the start of wave W, but not in a double or triple zigzag. "
+1 Reply
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