USDCAD- (a)-(b)-(c)-wedge pattern-LS
Updated
L-S --- Long First & Later Short
From lows@1.2822- UCAD is could be forming (a)-(b)-(c) structure where is (c)-wave is a wedge pattern. In that wedge pattern- it is running into its final leg-(5)th wave
Trading@1.3195
Taking Longs- one should be in longs with critical support@1.3139 for targets lesser than 1.3405 why? - if UCAD moves above 1.3405 then it will become more in distance than (3)rd-wave of wedge pattern which is not permitted -In that case, this pattern will go into bin or it will be no more valid.
Taking Shorts- once these internal- (5) waves get completed - reversal is going to be sharp with key resistance above 1.3405 as discussed above or let UCAD break swing low@1.3139.
Target for Shorts - Should be 1.3000 & going below it could be 1.2822 lows
From lows@1.2822- UCAD is could be forming (a)-(b)-(c) structure where is (c)-wave is a wedge pattern. In that wedge pattern- it is running into its final leg-(5)th wave
Trading@1.3195
Taking Longs- one should be in longs with critical support@1.3139 for targets lesser than 1.3405 why? - if UCAD moves above 1.3405 then it will become more in distance than (3)rd-wave of wedge pattern which is not permitted -In that case, this pattern will go into bin or it will be no more valid.
Taking Shorts- once these internal- (5) waves get completed - reversal is going to be sharp with key resistance above 1.3405 as discussed above or let UCAD break swing low@1.3139.
Target for Shorts - Should be 1.3000 & going below it could be 1.2822 lows
Trade active
19:45 Hrs 11th Oct2016Trading@1.3230
40 pips up - moving in the desired direction likely UCAD should kiss 1.3320-1.3330 zone which is resistance offered by (1)-(3) trendline -It can over shoot also & go close to 1.3400 handle but be careful -it should not cross 1.3405 handle otherwise wedge will become invalid.
Trade active
23:26 Hrs 11th Oct2016Trading@1.3268
Now we are 75 pips up & looks like we will kiss the zone 1.3320-1.3330 & get the resistance from 1-3 trendline. Remember UCAD can also shoot above that line due to anxiety so try as musch possible to book the profits.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
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Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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