EverythingForex

UPDATE #2: USDCAD: Wave 4 Is Well Underway....When Will It End?

FX_IDC:USDCAD   US DOLLAR / CANADIAN DOLLAR
I posted two recent predictions on this pair. The first one (see Related Ideas: "USDCAD: Wave 4 Is Well Underway....When Will It End?") mentioned about the wave 4 having started and that prices were tracing out an expanding triangle pattern and that it was about to hit the e point of that triangle. It has done EXACTLY as I predicted so far. So by my analysis, prices are moving up in a wave B (red) of the ABC wave 4. I'll be watching for it to reach the upper trend line of the expanding triangle to see if there will be any bearish price action there that might point to the wave C of wave 4 starting, at that point, I will look to sell and get SHORT for the wave C down to the end of wave 4.

In my second recent post which was an update (see Related Ideas:"UPDATE #1: USDCAD: Wave 4 Is Underway. But First, A Bullish Bat"), I showed a bullish bat pattern (blue) that was developing that I thought might mark the end of wave A of the ABC wave 4 but prices never reached that far to fill that bat before reversing up in a wave B. I also mentioned that when that bat got filled, I would get LONG for the wave B because it would be a trend trade regardless of what my wave count was since there is no 100% guarantee my wave count is correct. BUT...since prices never go there, my buy orders were never filled. Seems this pair has come up short on a few patterns lately! Remember the 2 bearish bats I posted before that never got filled?

So now I am again just waiting for the next trade opportunity in this pair.....

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Thanks Sir.
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EverythingForex PRO nabz19601960
a year ago
you're welcome!
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Scallywag
a year ago
Looks solid, hopefully it'll line up for a nice trade as i missed the trade on the uptrend.
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EverythingForex PRO Scallywag
a year ago
Haha! That makes two of us, Viktor! I missed the trade for the recent down leg (wave A) because it just missed filling my bat pattern by 5 pips which would've turned out to be a +220 pip trade and now I missed out on buying this wave B because it missed filling the bullish bat by a few pips! It's really teasing me!...;-( I'll try to catch this wave C down though...GL!
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Scallywag EverythingForex
a year ago
Same here, i was looking for it to fill the pattern but it turned around just before that =(. Nice prediction tho, thanks for sharing it!
Hopefully we can get a solid +220 on the downtrend instead=)
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meganjack
a year ago
USDCAD LONG
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