Price-action suggests trend continuation. This pair has been in consolidation for a while. Happy trading! ___________________ Money management of my trades. There are two targets: the first one is at least double of the target two (the farthest). The proportion is 2/1. So, 2 lots for target one and one lot for target two. Typically, when the target one is...
My attempt to trade the trend down. ___________________ Money management of my trades. There are two targets: the first one is at least double of the target two (the farthest). The proportion is 2/1. So, 2 lots for target one and one lot for target two. Typically, when the target one is reached, the stop-loss of position for target two is put to breakeven.
Target one has been reached making 340 pips for the lot. For the target two lot the stop-loss is at breakeven to run freely. Trade plan:
This countertrend trade projects a C wave around the $0.72.
Opening positions at 0.764 retracement of the impulse breakout.
USDCAD consolidates in a fifth wave (daily) of a fiifh wave (weekly) It may go for another five waves up as an extension of the 5th wave. If the consolidation breaks south, it is reasonable to expect an ABC correction.
This position has been opened for a while. +50 pips profitable.
The ABC correction pattern gave the opportunity to buy at 0.618 retracement of the last impulse. Now, to hop on trend it is wise to wait for the breakout of the correctional pattern.
These are my views and expectations for the waves. The square's technique show the minimum time for a consolidation. It is based on the assumption that the impulse is quicker than consolidation-mode. So, the area of consolidation must be at least +1.0x the impulse.
Selling around fibonacci cluster. Happy trading!
This week I am covering the Australian Dollar and I've identified a possible correction in almost every major pairs. For those whom trade oil and other commodities could use these analysis. And I would appreciate any insight regarding.
This is a close up at the late correction of USDCAD. I've identified as a 4th wave of 5 at daily timeframe, which is expected to go sideways for some moments. The entry is not aggressive as the projections leading price to the $1.35 in near future. Fundamentally it is quite possible as the recovery of the US economy and its 5-years-low-rate instigates a rate hike...