I have identified a short opportunity for USDCAD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 1.37549, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of a corrective wave (a)(b)(c), indicating a downward movement.
My target levels are set based on the Fibonacci retracement of wave (5):
- First target: 0.382 Fibonacci level at 1.37174
- Second target: 0.5 Fibonacci level at 1.37058
- Third target: 0.618 Fibonacci level at 1.36942
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 1.37800. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in USDCAD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 1.37549, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of a corrective wave (a)(b)(c), indicating a downward movement.
My target levels are set based on the Fibonacci retracement of wave (5):
- First target: 0.382 Fibonacci level at 1.37174
- Second target: 0.5 Fibonacci level at 1.37058
- Third target: 0.618 Fibonacci level at 1.36942
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 1.37800. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in USDCAD while effectively managing risk with clear entry, target, and stop loss levels.
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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.