Don't underestimate the forcefulness of ABCD pattern: USD was bought 27.06 with closed position at +93pips, now its +150 or so, I didn't expected it, though. Dont overestimate it equally, always evaluate the situation soberly and dont forget about partial trading. Good luck!
We can see strong level of resistance 1.13048 which is also 0.382 fib of previous wave will be our SL (+10pips). TP1 is 0.618 fib which is also the level that affects the trend. If the trend breaks through it, TP2 will be 1.11967, next level. Trade with care.
Two equal moves named ABCD pattern predicts the expected reversal level in D. Let the market finish CD move and then sell (wait for bearish pin bars, etc). Red dotted lines are strong support/resistance levels can be clearly seen on 1D chart. Possible stumbles around them.
Very simple idea based on selling or buying the breakout of wedge in the direction of breaking trend.
SL: 158 (I would place SL right on the breakout if the thend couldn't bounce up and then go down)
Combining a basic 5 wave impulse sequence with a basic 3 wave corrective sequence yields a complete Elliott Wave sequence, which is a total of 8 waves.
1, 3, 5, a, c are impulsive waves
2, 4, b are corrective waves
The corrective wave B is already done, the next is impulsive C.
RSI is oversold
Hey traders, following this, we can with some kind of confidence assume that next month up to july USDCAD will be making downtrend. There was quite strong downtrend, and then we see the pair making a correction move up. MACD confirms potintial descend. Be ready to sell.
Bat Pattern
point B below 50%
C close below 88,6%
D 88,6% XA confluence
TP 38,2% AD - 0,98636
61,8% AD - 0,96837
SL -10 pips of X - 0,92952
Strong divegence of MACD confirms reversal
Good reason to long. Well, there happens to be the butterfly pattern going to reverse the trend and go up to 0.68219 (strong level, as far you can see) and 0.618 fib. MACD divergence confirms potential uptrend.
TP 0.68219
Wait for updates.
You can see strong level (purple). After Bat pattern reversal I suppose trend to reach this level (also 0,382 fib) and repulse. However it can also break through the level and go down. I'm waiting for Monday to see any movements downwards, if the trend descend, I'll short.
SL: 1.14789
TP1: 1.13631
TP2: 1.13056
TP3: 1.12099
TP4: 1.10617
