Question: When to enter USDCAD on the LONG side
Seems to me that everyone is curious whether it is the right moment to enter the pair on the long side. My personal take on this is as follows
1- As I have mentioned on previous chart, I was expecting a retracement from 1.33 levels down all the way to 1.28-1.29 levels, which has realized.
2- The retracement, in my opinion is at the end of it's move but not yet complete. I would wait for a strong base to occur. As I show on the chart. Base #1 is complete and I need another firm base to occur (Base#2) at around the circled area.
The second base will complete a minor 1-5 wave count from the retrace point as well (blue wave count on chart) and also the higher time-frame wave count (red wave count on the chart). Thus this makes a very complete picture to enter LONG (long term).
I will wait a little bit more for a definite long entry for this pair. Good trades.
1- As I have mentioned on previous chart, I was expecting a retracement from 1.33 levels down all the way to 1.28-1.29 levels, which has realized.
2- The retracement, in my opinion is at the end of it's move but not yet complete. I would wait for a strong base to occur. As I show on the chart. Base #1 is complete and I need another firm base to occur (Base#2) at around the circled area.
The second base will complete a minor 1-5 wave count from the retrace point as well (blue wave count on chart) and also the higher time-frame wave count (red wave count on the chart). Thus this makes a very complete picture to enter LONG (long term).
I will wait a little bit more for a definite long entry for this pair. Good trades.
Comment:
Base 2 is about to complete.