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$EURJPY | Wolfe Wave & Geo | 126.469 TargetHello Traders, There are a few things I want to pay attention to in this Wolfe Structure. 1. The first is the ab=cd pattern. This is something that can be found in almost every Wolfe Wave and can help determine when price is done moving in any particular direction. The main AB=CD I want to focus on is the one with capital blue letters. This AB=CD pattern can help us find the entry level for the Wolfe Wave. Mr. Wolfe himself mentions that the Wolfe's 'sweet zone' for entry is between point 5 and what 4xForecaster has defined as 5'(5 prime). This AB=CD pattern helps us a little further in that search for the 'sweet spot'. 2.The second is the "Geo" that is best described by 4xForecaster. The 'Geo' helps us define high probability levels that price will reach once the Wolfe Wave is complete. Often times, 5' is where price will reverse giving us Geo's Off-Set Rule at point 4. If 5"(5 double prime) is hit, which is simply the 2-4 cloned and on point 1, price will make a limited retracement back to point 3. If price remains within the 'sweet zone' then we look at the 1-4 line in grey as a target. 3. If a Wolfe Wave forms in a smaller time frame in this case we'll pay attention to the hourly time frame, point in the opposite direction. We will consider nullifying the larger structure and pay attention to the smaller Wolfe that points in the opposite direction. You can see this in the related link for CADJPY. If you find my idea's and descriptions useful please let me know by liking and subscribing. Thank you for your support. Best, Chartistry
Long
by GWaves
2
AUD/CAD extends recovery from 6-month lows, good to buy dipsAUD/CAD is extending recovery from 6-month lows at 0.9453 hit post RBA surprise cut. The pair has cleared 61.8% Fib retrace of the Sept-Dec rally at 0.9539 and is currently trading at 0.9620 levels. Canada's trade deficit in March widened to a record C$3.41 billion ($2.69 billion) as exports sank for a second month, Statistics Canada said on Wednesday. Daily price action is contained between 5&10 DMAs currently at 0.9575 and 0.9629 respectively. On the daily charts, we see a bullish Stochastic rollover from oversold territory and RSI is also biased higher. Upside finds next hurdle at 0.9650, breaks above could see 0.9680 and then 0.97 levels. On the downside supports are aligned at 0.9575 (5-DMA), 0.9525 (Apr 29th lows) and 0.95. Recommendation: Good to buy dips around 0.9610, SL: 0.9575, TP: 0.9650/0.9680
Long
by FxWirePro
1