As shown on the chart, based on Elliot wave count, the corrective wave 4 has ended, this give an opportunity to trade the last motive wave 5.
This is in confluence with the 50 to 61.8 fib level of BC a 5-0 pattern, expecting to trade the D leg
The risk reward ratio is 3.7
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We are currently on the last reversal zone of a butterfly pattern on USDCAD, this might serve as an oppurtunity for a retracement buy or the begin of an impulse buy.
Awaiting a buy confirmation around the current price region
Dear Friends, I have opened a buy position on eurcad since last week after I closed my sell profit in more than 135 pips due to the fact the the corrective wave is complete.
Currently I am buying the wave 3 of the impulse move, price should get to minimum of 161.8% of the wave (i).
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After the complex corrective wave on usdcad, the pair is ready to breakout of this consolidatio and resume an impulse BUY,
The wave 1 and wave 2 of this bulish motive wave has formed, we are anticipating the buy of wave 3( usually the longest).
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waiting for my sells top to trigger.
Trade has a risk reward ratio of 2.68
A very good waiting point to sell is shown on the chart with Invalidation level and target levels.
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