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.
ForceFollower
2 years ago
Hamza, regarding the EW rules, what about that wave iv not overlapping with wave ii? :)
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HamzaLeith ForceFollower
2 years ago
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?
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HamzaLeith HamzaLeith
2 years ago
sorry I mean retracement all the way up to wave ii
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HamzaLeith HamzaLeith
2 years ago
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HamzaLeith HamzaLeith
2 years ago
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ForceFollower HamzaLeith
2 years ago
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?
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HamzaLeith ForceFollower
2 years ago
You are right, I totally didn't see that hahah, thank you. Do you think this whole downward move is a (ABCDE) corrective move?
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HamzaLeith HamzaLeith
2 years ago
Look at the count of the subdivided waves they all add up very well...except for this stupidly high wave iv!! :(
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ForceFollower HamzaLeith
2 years ago
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...
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HamzaLeith ForceFollower
2 years ago
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!
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ForceFollower HamzaLeith
2 years ago
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.
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HamzaLeith ForceFollower
2 years ago
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 :) )
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itaskar
2 years ago
watching red dotted line if resistance can become support(there are perfect touches with esignal data feed), iam long here.
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HamzaLeith itaskar
2 years ago
PERFECT, so both our approaches yield the same result...I am long as well!! good luck my friend!
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itaskar HamzaLeith
2 years ago
same to you pal :)
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HamzaLeith
2 years ago
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