For my previous post and context see link below:
I had another look at USDCAD and I simply don't like the correction to be over at the moment due to several characteristics. So I made two scenario's where I prefer the bullish one for now because I really like to see 1.34ish tested before it should be ready to go down again. This analysis and wave count can be seen in the original post.
The analysis below is my bearish alternate analysis.
so what's the plan? It is relatively simple, we see a bullish impulse at the moment on the 1 hour time frame which can either be the start of a move towards 1.34 or the start of a correction after the first impulse lower that suggest more bearish momentum to be next.
Nevertheless nothing moves in a straight line so waiting for a consolidation on 1 hour time frame and buying the continuation means that you either buy a wave C higher or a wave 3 higher. Depending on your bias you can determine how long you would hold this position. I personally favor a test of 1.34ish but it is too soon to tell yet. Either way buying from the 1hr time frame after a consolidation seems like a good idea.
The analysis below is my bearish alternate analysis.
so what's the plan? It is relatively simple, we see a bullish impulse at the moment on the 1 hour time frame which can either be the start of a move towards 1.34 or the start of a correction after the first impulse lower that suggest more bearish momentum to be next.
Nevertheless nothing moves in a straight line so waiting for a consolidation on 1 hour time frame and buying the continuation means that you either buy a wave C higher or a wave 3 higher. Depending on your bias you can determine how long you would hold this position. I personally favor a test of 1.34ish but it is too soon to tell yet. Either way buying from the 1hr time frame after a consolidation seems like a good idea.
הערה:
הערה:
USDCAD has a decision to make. When using trend lines for continuation trades, look for a 1-2-3 pattern, only then the trend line is correct, until that moment the trendline can chance over and over again or be ignored all together.
