Hello, traders. Once I joined TradingView mounth ago my goal was to share my trades; to keep record of my performance, mistakes and success; and to build a network. For the last ~6 weeks I traded twenty times and it is time to make a balance. I will start another 'journey' of twenty trades. Until now, I have a balance of -23 pips of the first journey, two...
A possible ABCDE triangle @ 240m as a consolidation of the last impulse @ daily. (zoom out the chart)
Trading a possible Gartley pattern completion after breakout of wedge.
I have been tracing this pair for some time. Until now it behaved as expected. The last impulse up suggest a 1th wave, with its retracement around the 0.618 - 0.764 area.
I think it is a beautiful setup. Levels on chart.
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...
Update: the position has been trigged. ________________________________ As expected, a pending long position after the breakout.
No rest until $1.5250 area is reached!
We are seeing a correction of the last bullish impulse. A possible ABC retracement with prices near the trend line. Until now it is likely to see more upward moves unless the prices break south the trend line.
It is up to the market to play along this analysis. Share a LIKE!
UPDATE: This trade has failed. __________________________ Pretty symmetrical. I like it!
The price-action appears methodic as pound gains terrain over the highly-appreciated dollar. I am lookinf forward to buy @ C point near the bottom of the green channel if I identify an ABC within the current 'correction tube'.
For now on: You shall not sell BEFORE count 5 waves in lower time frames. You shall buy after @ breakout of intraday consolidation. You shall buy after ABC pattern or/and @ 62% retracement. TRUST NO SUPPORT AND RESISTANCE LINE! Happy trading.
I am studying the price action and trying to figure out the next move.
Update: 15 pips loss. _______________________________ Following my expections towards USDCHF (a ABC flat pattern @ daily), I see a opportunity to short with target around the buying area of may previous trade (see the chart below)
UPDATE: the pair moved differently of the forecast and did not trigged the entry position. ________________________ My approach is quite conservative for this pair. An ABC pattern already happened (abc in orange) but I am looking for a bigger ABC flat before the uptrend continuation.
My forecast splits in two possible scenarios. Both of them are within the Y wave. The question is which of both direction will occur first?
This chart is only about the 'C' leg of ABC pattern as a correction of a full 5 wave cycle you can see on weekly or monthly chart. It is wise to wait for an impulse up or down beyond the reversal zone.