dojitrader
Short

Potential short at a-b-c completion

FX:USDCAD   U.S. Dollar/Canadian Dollar
88 4 0
If 5 of C to form the complex corrective sideways price action is really the end then this is the beginning of an impulse wave.
Even if it's another C wave - both can be vicious in there downward nature. Loonie likes to push the boundaries so the stops are larger but necessary to ensure a successful trade. Perhaps another pattern will emerge to target the entry with lower risk.
dojitrader
3 years ago

Price action has me questioning my analysis. At the very least the
sell entry, where A = C should be moved to 1.0476 which is dead on
the .786 retracement. However, the larger reach of the A leg and
the shallow retrace of the B leg have me thinking that the larger
degree (4hr chart) is in play at this time. Further analysis like that of
"Technician", "Night_Trader", "Windwaker" and others, has me
thinking an alternate count, perhaps an X wave, expanded B wave
or a final C Wave with an inside count of 5-3-5 is taking place.

This would take the entry up to the area of 1.0505/25 to complete
the A-B-C and a nice harmonic ab=cd end to a Gartley pattern.
(entry right in between the .786 and .886 fib chart post forthcoming)
Guess I'll have to take both trades or see if price action yields
more clues.
Reply
dojitrader
3 years ago
Who was that other guy !!! I allowed him to let me second guess my trading plane ? Entered this trade 27 pips lower than my plan when I realized my longer term trade was invalid Moral of the trade: Plan your trade and " Trade Your Plan" --- Win or lose first, THEN, move on to the next trade. Don't let all the noise sway your plan ~~~~~ Even/ESPECIALLY if it is from yourself !
Reply
dojitrader
3 years ago
A little fine tuning . . . Have almost hit target 1 - Moving stops to +22 @ 1.0438. If it moves through there the trade will become invalid. If we break 1.0396 we may just see the bottom of the range @ 1.0285. Should the trade touch 1.0370 move stops to 1.0401.
Reply
dojitrader
3 years ago
Taken out on stops @+22 or so . . . closed for another day
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