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U.S. Dollar / Canadian Dollar
Short

USDCAD Bat Short & EW Count: High R/R Against Invalidation

By glennmercer
Updated
USDCAD is up against the EW count invalidation level. This means two things: 1. We have an excellent R/R opportunity 2. Wave count for the correction is complete

I will be placing the stop above the IL with targets as shown on chart. Happy Trading!
Trade active
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Nice drop off the bat. Taking profit now would lock in a 2:1 R/R
Note
snapshot
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Moving Stop to B/E. If Price touches entry level, I will wait for another impulse and sell, at which point I will update. Stay Tuned

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I want to disclose that I've exited this trade at break-even. The trade remains valid, but I wasn't happy with the price action so I have not yet re-entered. Those who are still in are up about 44 Pips
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+54 Pips so far, about 60% of the way to T1:
snapshot
Trade closed: target reached
Recommend taking profit here! After taking a look at oil (inversely correlated with USDCAD), the chances of seeing a pop in USDCAD are too high. +92 pips with a R/R of about 6.7. Cheers!

USDCAD:
snapshot

USOIL:
USOIL Wave Count Update: 1H Zoom-In Edition
Trade closed: target reached
Huge gains on this one for those who took the trade. +230 pips so far with T3 achieved. Looking for T4 at missed weekly pivot:

snapshot
breakoutElliott WaveEWglennmercergmercerfxUSDCAD
glennmercer
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