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douglasswg
Aug 23, 2017 1:41 PM

SHORT USDCAD ; RR 1 : 1.9 Short

U.S. Dollar/Canadian DollarFXCM

Description

USDCAD, Elliot Wave theory in play. Last motive wave to point 5. I am bearish on this pair, with the target to 1.25 area

Reason :
- Price retest and rejection on fib level 50% .
- Lower low formed on overall trend on 4-hourly chart.
- EMA line above, creating a dynamic resistance above
- Potential to reach next support points :

Short at CMP or 1.2600 area; TP -1.25 , SL 1.2640 area.

Risk Reward 1:1.9
Always remember to trade with stop-loss, market is crazy & cunning*

Trade closed: target reached

Target hit as per analysis, zero drawdown trade ! Happy Friday secured bags $$$

#ElliotWaves played out nicely.
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