USDCAD - Whats going on here?
Hi again :-)
I think this one is tough one. We had a very nice short trade from 1.37 with a target of 1.1980 as wave C of this ABC correction from the top 1.46.
Well the reason we had 1.1980 was simply the fib extension of 123% and price didnt really hit that target and stopped between 113 and 123% fib.
For buying this I want to see a bullish reversal signal around or inside that rectangle on daily timeframe, in order to see this move down as a wave 2 of fifth wave up.
In my opinion, this one needs more confirmation and maybe its a good idea to go down to lower timeframes to see what the pair is doing on hourly charts before trading it.
Pair could easily start a Zigzag or other sideways movement here and then its not so interesting for trading it at the moment :-)
USE SL and good luck !
I think this one is tough one. We had a very nice short trade from 1.37 with a target of 1.1980 as wave C of this ABC correction from the top 1.46.
Well the reason we had 1.1980 was simply the fib extension of 123% and price didnt really hit that target and stopped between 113 and 123% fib.
For buying this I want to see a bullish reversal signal around or inside that rectangle on daily timeframe, in order to see this move down as a wave 2 of fifth wave up.
In my opinion, this one needs more confirmation and maybe its a good idea to go down to lower timeframes to see what the pair is doing on hourly charts before trading it.
Pair could easily start a Zigzag or other sideways movement here and then its not so interesting for trading it at the moment :-)
USE SL and good luck !
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