EURCAD is in a nice 335 Flat Correction.
Wave A = 3 waves
Wave B = 3 waves
Wave C = 5 waves.
Wave C
We are currently in wave C (5 waves). We have seen wave 1, which was a leading diagonal. Wave 2 was a simple abc correction.
Wave 3 a strong bearish impulsive move.
We are now in wave 4.
It's important to note wave C can follow either an ending diagonal format or an impulsive schematic format. In the latter format, wave 4 cannot go beyond wave 1 completion, making our invalidation level 1.48725 for a risk entry.
Trade Idea:
- Look for an entry with with stops above 1.48725 (Small stops needed)
- Hold position to 1.416 (700pips)
If we break above 1.48725, it means wave C is in an ending diagonal format. If this happens, we can look for a lower timeframe trendline break or BOS.
See below for our last setup:
EURCAD 4H - Entry on break of risk trendline for a more confirmed entry
Goodluck and as always, trade safe!
Wave A = 3 waves
Wave B = 3 waves
Wave C = 5 waves.
Wave C
We are currently in wave C (5 waves). We have seen wave 1, which was a leading diagonal. Wave 2 was a simple abc correction.
Wave 3 a strong bearish impulsive move.
We are now in wave 4.
It's important to note wave C can follow either an ending diagonal format or an impulsive schematic format. In the latter format, wave 4 cannot go beyond wave 1 completion, making our invalidation level 1.48725 for a risk entry.
Trade Idea:
- Look for an entry with with stops above 1.48725 (Small stops needed)
- Hold position to 1.416 (700pips)
If we break above 1.48725, it means wave C is in an ending diagonal format. If this happens, we can look for a lower timeframe trendline break or BOS.
See below for our last setup:
EURCAD 4H - Entry on break of risk trendline for a more confirmed entry
Goodluck and as always, trade safe!
Note
EURCAD Update 2D Note
EURCAD Daily Note
EURCAD 8H - Entry on trendline break 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Want more chart ups like this? Click the links below:
Free Telegram: t.me/Wicktator
Forex VIP: t.me/WicktatatorVIP_bot
Free Telegram: t.me/Wicktator
Forex VIP: t.me/WicktatatorVIP_bot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.