I entered today, but couldn't publish on time. Entry is on chart, minimum target is the daily downtrend mode.
The weekly chart has no new lows in 6 weeks already, while the weekly downtrend signal isn't falling sharply like I expected. I've been trading USDCAD on both directions succesfully using time at mode, entering during the NY session. It's possible that this is the start of a 3rd wave of either a C wave or a 3rd wave of a new bullish cycle after a 3 part correction in the weekly.
The weekly and daily trends are up, I'll update with any potential scale in or entry opportunity for other traders that didn't enter with me. We were discussing this one with my friend Nick Coulby this morning, and I took the trade from my phone.
Good luck,
Ivan.
Trade closed: target reached
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Comments
Nick_C_
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This was a great trade.. still looking higher
IvanLabrie
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Thanks ;)
We spotted this one together.
Aggressive entry from 4h, into a weekly uptrend now.
Might validate a monthly uptrend signal now, considering the extent of the targets and the position above the mode.
cooney_s
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I like the addition of the Cycles.
IvanLabrie
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Thanks, I plotted those to measure the wave duration visually.
I think the correction might be complete here.
If not I get a nice run up to the weekly mode or slightly higher and make 1.5-2.5:1, so, no complains.
IvanLabrie
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(We completed wave 3 of 1 of C/3 right at the end of two cycles btw.)
IvanLabrie
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Weekly just fired an uptrend signal:
Entered from 4h, into a daily, and now weekly trend...which can evolve into a monthly uptrend signal if I'm right.
IvanLabrie
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Interesting how the first daily uptrend signal expires on the 6th...we might see a correction by then. Fundamentals might give us clues there, not for direction, but for momentum timing.
IvanLabrie
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Target #1, #2 and #3 for the daily uptrend.
#1 has to be met before the 8th, and the rest will come if my EW count is correct.
This can either be a zigzag's C up, or a bigger impulse, with this leg being a 3rd wave.
IvanLabrie
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Moved stop to break even on both entries, and placed two scale in limit buys:
-#1: limit buy @ 1.24497
-#2: limit buy @ 1.24244
-SL for both @ 1.23991
-50% tp at 1.25003
IvanLabrie
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Trailed stops to 1.23552. Looking to add on a retracement again.