Long

Buy after breakout

By wsbza

Updated

It seems that AUDCAD has formed a potential bullish structure:

Wave (1) or (A) is a 5-waves impulse
subsequent Wave (2) or (B) is a 3-waves corrective 'flat' and it has retraced approx. 61.8% of wave (1) or (A) that is also near the end of sub wave 4 of (1) or (A)

If the above assumption is correct, a push above 0.97899 could be an early indication that wave (3) or (C) is under way

Note

we could count a bullish impulse on 15 mins chart
close above 0.97429 would suggest another impulsive rally is under way

Note

Note

but signal from Guppy-EMA

Trade active

Note

raised my stop to breakeven
let's wait for Guppy-EMA's bullish confirmation on 4 hours chart

Trade closed: stop reached

Note

no confirmation from Guyyp-EMAs on 4 hours chart, could be more complex wave (2) or (B)

Note

if the above count is correct, we should see a motive wave(either impulse or diagonal) rising from the recent bottom

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

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