SHORT USDCAD ; RR 1 : 1.9
USDCAD, Elliot Wave theory in play. Last motive wave to point 5. I am bearish on this pair, with the target to 1.25 area
Reason :
- Price retest and rejection on fib level 50% .
- Lower low formed on overall trend on 4-hourly chart.
- EMA line above, creating a dynamic resistance above
- Potential to reach next support points :
Short at CMP or 1.2600 area; TP -1.25 , SL 1.2640 area.
Risk Reward 1:1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- Price retest and rejection on fib level 50% .
- Lower low formed on overall trend on 4-hourly chart.
- EMA line above, creating a dynamic resistance above
- Potential to reach next support points :
Short at CMP or 1.2600 area; TP -1.25 , SL 1.2640 area.
Risk Reward 1:1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Trade closed: target reached
Target hit as per analysis, zero drawdown trade ! Happy Friday secured bags $$$#ElliotWaves played out nicely.
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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.