USDCAD possible turning point and short entry zone
Merry Christmas.
Thanks for viewing.
Let's see if this works. I generally don't trade by shorting price when it is still trending upwards, so I haven't loaded any sell orders, but I will be looking for a correction to start at around the 1.37 mark. The correction could be significant and tentative targets are the 1.00 to 0.90 level.
I have spent about 3 minutes on my EW count, so don't trust it too much. However, my focus is on a plausible end-point of the recent parabolic wave. 1.37 will be at the 1.618 extension of what I see as wave i (of wave 5, of wave C) up, which is at 2 other fib levels - most significantly the 0.618 retracement of the previous A wave down. I expect shorts to be stacked at or around that level. The other level is the 2.618 wave 1 extension. So there are 3 confluent levels at or around 1.37 that point downwards. Seems plausible, let's see.
I don't trade news... but if this US chaos continues, Canada may be a major beneficiary - just because it acts reasonably and predictably and is a beachhead in the North American market.
I will update if I do enter short.
Thanks for viewing.
Let's see if this works. I generally don't trade by shorting price when it is still trending upwards, so I haven't loaded any sell orders, but I will be looking for a correction to start at around the 1.37 mark. The correction could be significant and tentative targets are the 1.00 to 0.90 level.
I have spent about 3 minutes on my EW count, so don't trust it too much. However, my focus is on a plausible end-point of the recent parabolic wave. 1.37 will be at the 1.618 extension of what I see as wave i (of wave 5, of wave C) up, which is at 2 other fib levels - most significantly the 0.618 retracement of the previous A wave down. I expect shorts to be stacked at or around that level. The other level is the 2.618 wave 1 extension. So there are 3 confluent levels at or around 1.37 that point downwards. Seems plausible, let's see.
I don't trade news... but if this US chaos continues, Canada may be a major beneficiary - just because it acts reasonably and predictably and is a beachhead in the North American market.
I will update if I do enter short.
Trade active:
short trade at 1.36150
Comment:
150% in profit, although it doesn't count until you close the trade.
Trade closed manually:
I closed this trade a few days ago... I closed too early it turns out. Oh well I'm happy with my 250% profit. I was just having trouble counting the waves and figured a correction was near... but saying that, I don't expect the rally to be super strong and am now thinking I should have remained in position.