USDCAD ANALYSIS IN THE 2 HOUR CHART
Elliot's wave 1 was finished. Propulsion wave 2 retracted, averaged 0.786% Fibonacci and found a new obstacle at 0.5%.
For an aggressive entry, entry to the market at that moment may come in handy, but if you have a more convergent profile, the ideal is to wait for the price to break the high pivot or for those who already want to enter a little earlier, enter the market exact break point, as outlined in yellow in the graph above (in this case I always disregard the shadows / wicks).
If the price returns to a 0.786% Fibo ratio, it means that we are facing a complex wave 2 (complex wave 2 delays the beginning of wave 3 and oscillates between Fibo levels). Therefore, if this occurs, it is recommended to wait for the formation of a candle above the 0.5% Fibo retraction level (around 1.34200) to make a long entry.
DMI- is pointing down and DMI + is facing an upward angle.
May we all have good trades!
Hugs and success.
+++++++++++++++++++++++++++++++++++++++++++
Disclaimer of liability.
1. This analysis is not sure that the price will move as projected, any macroeconomic news, tweet from some political authority or even a misinterpretation of the graph made by the author can happen and cause loss. When in doubt, do not enter!
2. This is not a financial advice or entry signal, just my opinion as I see the market. Use this study to find out if it is in line with your study. Always make decisions based on your analysis!
3. Open small batches and few operations, you are unlikely to get rich. Be long-lasting in the market. Greed will only make you lose money. What will make you rich is your daily job well done combined with honesty and love.
4. Don't lose your mental health, prefer to close the operation and lose a little, you don't win every time (and when we think we can always win we usually lose everything), for this reason, ALWAYS use a Stop Loss according to your risk management.
5. Remember: you are solely responsible for your wins and losses, so be sure to handle an amount of money that you are willing to lose (due to the risks involved in the business) and never invest any amount that could harm your livelihood.
For an aggressive entry, entry to the market at that moment may come in handy, but if you have a more convergent profile, the ideal is to wait for the price to break the high pivot or for those who already want to enter a little earlier, enter the market exact break point, as outlined in yellow in the graph above (in this case I always disregard the shadows / wicks).
If the price returns to a 0.786% Fibo ratio, it means that we are facing a complex wave 2 (complex wave 2 delays the beginning of wave 3 and oscillates between Fibo levels). Therefore, if this occurs, it is recommended to wait for the formation of a candle above the 0.5% Fibo retraction level (around 1.34200) to make a long entry.
DMI- is pointing down and DMI + is facing an upward angle.
May we all have good trades!
Hugs and success.
+++++++++++++++++++++++++++++++++++++++++++
Disclaimer of liability.
1. This analysis is not sure that the price will move as projected, any macroeconomic news, tweet from some political authority or even a misinterpretation of the graph made by the author can happen and cause loss. When in doubt, do not enter!
2. This is not a financial advice or entry signal, just my opinion as I see the market. Use this study to find out if it is in line with your study. Always make decisions based on your analysis!
3. Open small batches and few operations, you are unlikely to get rich. Be long-lasting in the market. Greed will only make you lose money. What will make you rich is your daily job well done combined with honesty and love.
4. Don't lose your mental health, prefer to close the operation and lose a little, you don't win every time (and when we think we can always win we usually lose everything), for this reason, ALWAYS use a Stop Loss according to your risk management.
5. Remember: you are solely responsible for your wins and losses, so be sure to handle an amount of money that you are willing to lose (due to the risks involved in the business) and never invest any amount that could harm your livelihood.
Disclaimer
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