FullTimeTrader
Short

USDCAD-looking for a turning point-study case

FX:USDCAD   U.S. Dollar/Canadian Dollar
1108 8 21
Hello, many traders posted ideas expecting a strong decline on this pair. I agree we can have a very good long term opportunity to short the USDCAD             but right now its difficult to find an entry point.
This is my contribution to those ideas using first EW tools and adding other tools to confirm a potential trade.
Lets start with weekly chart. Acording to my prefered count righ now price seems to be finishing a corrective ABC zigzag .
Last C leg blue is formed by an impulse wave labeled intermediate waves 12345 purple.
AO oscilator suggests we are at wave 5.
Im taking notes of most relevant price and time projections:
- Wave 5 purple=wave 1 purple : 1.3564 level
- Projected time for final wave 5: 21 set 2015
snapshot


Here on D1 chart im using the same projections for the impulse of lesser degree labeled 12345 green.

- Wave 5=wave 1 green : 1.3595 level
- Fib divider: 1.3586 (see chart)
- projected time: 25 set 2015

CONCLUSION: i will take the average of all values for price and time.
- average price for a short: 1.3581
- average date: 23 set 2015

This values are not exact, use them as reference to find entry points on lower timeframes to have a better R/R ratio.

Regards.

I'll short USDCAD at 1.33523
Reply
complete and perfect analysis; thank you. but i have a question. what is the difference between AO and MACD ?
Reply
FullTimeTrader farid_ardavani
Hello, the AO and MACD are almost the same oscillator. Some Elliott Wave traders use MACD instead of AO. I prefer the AO because with EW because it gives me a cleaner divergence to help the wave count. When doing technical analysis i use the classic MACD. Regards.
+1 Reply
Possible bearish price movement towards the support 1.314. RSI is above 60.
Reply
HI FULLTIME I think so
USDCAD ELLIOTT WAVE
Reply
FullTimeTrader manijeh.kazemi.33
Hello, agree, that is an alternate count. Anyway, the direction is the same because we have your wave (5) finishing alson. Regards.
+1 Reply
This bearish crab could work fine and be enough to trade.
snapshot
Reply
Clone technique. Look how price reacted to middle of base channel.
snapshot
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out