USDCAD trade ideas
Falling wedge - BUYPrice is clearly forming a falling wedge pattern, hence looking to enter LONG.
Please note
Trade like how the big boys trade (banks and financial institutions).
Do not aim for silly 20-30pips instead look for 90-100 pips and above.
Dont depend on Support/resistance lines because any line you draw with closed eyes will be a support/resistance in the past!
Dont depend on lagging indicators.
Simplicity is key to be successful in trading.
Thanks to all those who have followed me and liked my post.
Especial thanks to all those who DM me and commented on my analysis wanting to know more about the trade.
Ascending Triangle in USDCAD - "Learn More Earn More" With USUSDCAD is coiling for its next move.
The higher lows suggest strength, but USDCAD needs to secure a close above 1.34200 to open the door to the 1.35000 area.
Keep an eye on 1.33720 in the event of a pullback.
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USDCAD-Expecting a PB in 3 waves to 1.3200 for wave (X)..Market Commentary:
LEARNING ELLIOTT WAVES IS LITTLE BIT TOUGH (FOR ME IN BEGINNING) BUT I TOOK IT AS A CHALLENGE AND THAT IS NOT IMPOSSIBLE ALSO...
First have an look for the positional trend i shared here previous....if you are a follower of me...and sometimes i will share the counter trend trade also in 15 mins and 1hr...but that is risky ones...so if the trend is bearish or bullish , if i am expecting the correction...book the profit there and wait the correction to end and again go with the trend....DONT TRADE THE COUNTER TRADE SETUP...you will took loss too...try to identify the short term pull back and the long term pull back after that took small lots in the short term PB with strict stop and go with big lots in the trend side that is long term. I WONT TOOK ALL THE TRADE PLAN SHARED HERE...
Read the market commentary inside the chart what i shared here carefully and try to learn Elliott waves ...otherwise its tough to understand the market commentary and my analysis. I wont give a entry, stop loss and take profit in my chart...it is only for EDUCATIONAL PURPOSE and i am sharing how i am analyzing the pair and labeling them according to the Elliott wave theory...I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON'T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy...DON'T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP.
My style of trading is different from others and I WONT PLACE A STOP...but ALL MY TRADES ARE UNDER MONEY MANAGEMENT ACCORDING TO MY ACCOUNT SIZE...i wont close the trades even in the BIG NEWS EVENTS OR SCHEDULED NEWS TOO...i am technical analyst based on trendline, channel, fib retracements, expansion, stochastic for divergence, EMA's and MA's are finding the pull backs and MAJOR IS ELLIOTT WAVES ...those mentioned above are using as a TOOLS only. I am not a fundamental, sentimental trader...but only the fundamental will boost my technical analysis to reach my target or sometimes it will go against me and then i will manage the trade according to the Elliott waves alternate views...
Each and every trade plan i am sharing here has a alternate view and i am sharing only the most probabilities(70-80%) here...sometimes the other (20-30%) may market do..then i will change the wave counts and labeling according to the price action. All labeling and wave counts done by me by manually and i will keep change according to the LIVE MARKET PRICE ACTION. So dont bias, hope on my trade plans...try to learn and make your own strategy...Following is not that much easy...I AM NOT RESPONSIBLE FOR ANY LOSSES IF U TOOK THE TRADE ACCORDING TO MY TRADE PLANS....THANKS LOT..CHEERS
shorta little range is developing on 15 min. timeframe after the digestion process. and no it should be going down
Don't miss the great buy opportunity in USDCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.3245). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 85.
Take Profits:
TP1= @ 1.3310
TP2= @ 1.3330
TP3= @ 1.3395
SL= Break below S2
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BULL FLAG - LONGWaiting for the price to form a bull flag pattern before entering long.
Thank you to all those who have sent me private message and been following me.
Hope you have understood how simple it is to trade forex with out any support/resistance lines or lagging indicators.
And started to earn good profits as I have told you on what to do.
Please Note:
Just knowing the direction of the next move will not help being profitable.
There is a lot more to it with regards to the entry technique and successfully managing the trade after entering the trade.
Comment below / DM me in case if you need to know how to do it if interested.
BULL FLAG - LONGPrice is forming a clear bull flag pattern.
There are 2 possible scenarios that i have outlined of what the price could likely do before going LONG.
Please Note:
Just knowing the direction of the next move will not help being profitable.
There is a lot more to it with regards to the entry technique and successfully managing the trade after entering the trade.
If you look at my previous trades, 90% are impulsive moves covering about average of 80-100 pips.
So you need to make sure you enter the trade at the right time and manage the trade to get the maximum amount of pips from it.
Comment below in case if you need to know how to do it if interested.
Falling wedge - BUYPrice is forming a falling wedge pattern. So looking to enter long.
Please Note:
Just knowing the direction of the next move will not help being profitable in the long run.
There is a lot more to it with regards to the entry technique and trade management after entering the trade.
If you look at my previous trades, 90% are impulsive moves covering about average of 80-100 pips.
So you need to make sure you enter the trade at the right time and manage the trade to get to squeeze maximum amount of pips from it.
Comment below in case if you need to know how to do it if interested.
USDCAD- case of Ending diagonalVery soon there will be a trend reversal in the pair USDCAD. The current price structure is forming an ending diagonal which is going to complete the long term corrective wave A-B-C started in the month of march. The another reason for expecting a trend reversal is the bottom formation of dollar index, which clearly suggests that major reversal going to take place. Important levels are 1.30800 as the last & Above: 1.32400 reversal confirmation.
