WaqasRaja

WaqasRaja Updated 

You would be forgiven to think that OIL has started a new bull run just because it has broken the daily top. Indeed several ideas posted today are calling for $70 or so to long the oil. Don't get me wrong, I am an Oil bull in the medium to long run but I am not convinced that it is ready to move up just yet. The previous major correction lasted for 10 months. The...

WaqasRaja Updated 

There is no doubt that USD has caught a bid recently. However, the bigger question is whether it is simply a correction for another leg down or whether this is a start of a new uptrend. I believe that we will find an answer soon enough. Here is my trading plan: 1. Wait for a correction for Wave 4 (orange). The rectangle box indicates that I expect a similar...

WaqasRaja Updated 

Check the related idea for the initial call . Keep an eye on the breach of the upper blue trend line as it would indicate we are likely dealing with a more bearish scenario than outlined in the original idea. For now trading plan is to sell on rallies and reduce position size, until a clearer signal is generated.

WaqasRaja Updated 

WTI has made an interesting pattern recently. It is almost identical to the one made at the beginning of wave 2. See the blue highlighted box on the chart. The larger box is a measurement of wave 2 correction, as I expect wave 4 correction to take a similar amount of time. Interestingly it suggests that WTI is likely to be in correction for the next 10...

WaqasRaja Updated 

I have been benefiting from ideas that Trading View community publishes for a while and thought this is about time that I also contributed. With that in mind, I am sharing my first idea on GBPCAD. I believe we have nearly completed the Wave 3 (red colour). Although I think it can go up slightly more to 1.8320 area (which is 0.786 extension of smaller degree wave...