USDCAD - Long Wave B
Hello, hello boys and girls!
The second pair of the day I see to be correcting within a wave B is USDCAD. It very much looks like we are bouncing back towards the Moving Average, which could create some false security in the bull camp in return.
I am still a novice using the EW Theory but I am gaining confidence - so much in fact that I am trading real money using the approach.
In this case I believe that the price will bounce back, forming an a-b-c pattern within the B, only to turn round again and drop to lower lows. Careful though! Wave A got a 1-2-3-4-5 sub structure, meaning that the bounce back of the b could be fairly brief - meaning it doesn't necessarily mean that we even see the 50% retracement!
My stop is at the last low. Good luck everyone :D
The second pair of the day I see to be correcting within a wave B is USDCAD. It very much looks like we are bouncing back towards the Moving Average, which could create some false security in the bull camp in return.
I am still a novice using the EW Theory but I am gaining confidence - so much in fact that I am trading real money using the approach.
In this case I believe that the price will bounce back, forming an a-b-c pattern within the B, only to turn round again and drop to lower lows. Careful though! Wave A got a 1-2-3-4-5 sub structure, meaning that the bounce back of the b could be fairly brief - meaning it doesn't necessarily mean that we even see the 50% retracement!
My stop is at the last low. Good luck everyone :D
Related publications
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.