FX:USDCAD   U.S. Dollar/Canadian Dollar
Idea is based on a combination of elliot wave theory and median line analysis. Bollinger bands are used to identify reversals and fake moves. The reasoning behind this technical analysis is shown on the chart along with specific target and stop loss. Good luck guys.
Hamza, regarding the EW rules, what about that wave iv not overlapping with wave ii? :)
Reply
HamzaLeith ForceFollower
What do you mean Piotr? It is not right? It could be that it is a bit more to the right but there is no high retracement until wave iv right?
Reply
HamzaLeith HamzaLeith
sorry I mean retracement all the way up to wave ii
Reply
HamzaLeith HamzaLeith
snapshot
Reply
HamzaLeith HamzaLeith
snapshot
Reply
ForceFollower HamzaLeith
I'm not saying your study is wrong. I was only referring to the rule #3: "Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle." So maybe these are corrective waves?
snapshot


snapshot
Reply
HamzaLeith ForceFollower
You are right, I totally didn't see that hahah, thank you. Do you think this whole downward move is a (ABCDE) corrective move?
Reply
HamzaLeith HamzaLeith
Look at the count of the subdivided waves they all add up very well...except for this stupidly high wave iv!! :(
Reply
ForceFollower HamzaLeith
Yes, that's why your bullish approach is OK - you expect an impulse after a correction. :)
It may have been a complex correction XYZ, consisting of three abc correction with it. I don't know. There are lots of options...
snapshot

snapshot
Reply
HamzaLeith ForceFollower
Thank you for sharing this with me, I clearly need to learn more about EW. I am glad the pitchforks and the Bollingers got my back on this one!
Reply
ForceFollower HamzaLeith
Rules #1 and #3 are the your first clue whether what you see are waves A and B or waves 1 and 2. This is very important, because most profit opportunities are not in corrections but in impulse waves.
+1 Reply
HamzaLeith ForceFollower
yes I will double check the rules from now on. Even if you know them your eyes can trick you once you see all these subdivisions and start drawing accordingly (like a chicken without head as we say in Holland :) )
Reply
watching red dotted line if resistance can become support(there are perfect touches with esignal data feed), iam long here.
snapshot
Reply
HamzaLeith itaskar
PERFECT, so both our approaches yield the same result...I am long as well!! good luck my friend!
+1 Reply
itaskar HamzaLeith
same to you pal :)
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out