TRADE: USDCAD: BUY@1.32350 Low Risk To Catch A Wave (3) UP?

FX:USDCAD   U.S. Dollar / Canadian Dollar
307 2 13
In my previous post on this pair (see Related Ideas: "UPDATE #1: QUICK ANALYSIS: USDCAD: Has Wave (3) Started?"), I suggested that a wave (3) could've been in progress. Since that post 10 hours ago, prices have dropped back down again back into the bottom of its current range near the bottom TL of the contracting triangle. Keep in mind that TL's are very subjective and where I have placed my TL may not be where you or anybody else placed theirs.

In any case, my current wave count has the wave (3) up possibly at its very starting point with the current drop down as a wave (ii) of that wave (3). That is the main reason for this trade. Going by this wave count, the invalidation point is only a few pips away. A very, very small risk trade! But if my wave count is correct, it can be a BIG payoff! I won't even bother to calculate the R;R! This is how to best use wave counts, folks! To find such low-risk trades. Of course I could be wrong but I'm only risking less than 10 pips.

Obviously, the patterns (the bat and crab ) are in support of this scenario.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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