Trying to exploit the C wave of the correction. The target it close to the commencement of the B wave since it could be the case of a truncated C. Nonetheless, the correction is promising for a swing trade for me.
We've been sitting in congestion for the last 21 (Fibonacci) hours while USDCAD was struggling to go down but failed each time it tried to sustain a daily new low.
Now we have an Impulsive bearish candle failure followed by another Impulsive Bullish candle as our entry trigger.
I'm also using bar counts to pinpoint a potential reversal time which hits right at...
My trigger was the shakeout of the buyers by the fake out to the bottom
For Gann followers we've hit 55 and 21 high to high bars and reversed
For Elliott Wave practitioners, please take a look at the ABC down in the daily chart. You can see my 1on1 projection line on this chart
And last and also least, we have had a bullish divergence since god...
I've been waiting for this Ending Diagonal in Gold to finish it's final downward leg.
Now it seems we have overshot the lower trendline and rejected back up.
In Elliott rules for ending diagonals we don't have Wave III as the smallest wave, since wave V is shy of 1 on 1 with Wave III.
Chances are a new bull market is on the way. It even could be the Final...
We've broken out of the flag and retested it upper trendline twice.
The two candles that did the retesting had unusually high tick activities. It shows strength in the background.
If we manage to exceed the previous high it'll trigger another buy setup and this time the setup points to previous highs.
P.S. The tick activity is not shown in TradingView. I get it...
We've been sitting in congestion during Asian session and now we're heading into European session.
A textbook flag is forming during the consolidation that if breaks to the upside has a chance of getting as high as 0.71 handle because of the Flag Pole Projection target.
Remember: even (often) textbook formations and patterns fail, so keep the position size...
The Longer Term Trend is Bearish after we broke some of longer term trendlines.
I'm now looking at a bearish setup to get on the longer term trend.
We have a textbook sideways correction forming.
As of now a bullish triangle seems to be taking shape. If so, I'll expect more upside before my short order is filled.
I expect less Reward comparing to the risk, but...
A flag is near its completion point.
I expect it to break out to the top (as is it a continuation pattern). If it does so, the next probable target is near the previous structure around 15.46000 which also completes a 1=1 abc correction.
Let's see how it plays out.
We've seen divergence in an overextended post-NFP bearish move to reverse at the 1.618 price projection and 78.6% retracement of previous up-move.
I'll be buying at the break of the structure and I'll be shooting for the tops for my first target.
Let's see how it turns out.
This is an update to what previously was a setup to ride the 3rd wave (wave iii).
Now I believe it is completed and we are currently seeing the completion of wave iv as well.
I have set my own setup in the chart.
I hope you can benefit from it.
Trendlines for the first Upward Wedge converged to where finally became our Fake-Out.
It's 50% retracement from the bearish Impulse Wave.
I'm shooting for the lows.
It's the least I expect from this setup.
Fundamentally Swiss Franc has a lower interest rate than most of other currencies out there, including USD.
This will help it depreciate against them.
Since mid January 2015 and after the CHF shock we have been in a steady uptrend. This uptrend got corrected to near it's 61.8% advance and now we are seeing a possible upward movement again.
The correction took the...