### USDCAD SHORT
I'm targeting a short position for USDCAD on the 45-minute chart using Elliott Wave analysis.
The current price level is around 1.38406. I've identified the completion of wave (5) and am anticipating a downward movement into wave (c) of the corrective phase.
My target level for this downward movement is based on the 1.618 Fibonacci extension of wave (a). The target level is:
- 1.618 Fibonacci extension at around 1.37641
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in USDCAD while effectively managing risk with clear entry, target, and stop loss levels.
I'm targeting a short position for USDCAD on the 45-minute chart using Elliott Wave analysis.
The current price level is around 1.38406. I've identified the completion of wave (5) and am anticipating a downward movement into wave (c) of the corrective phase.
My target level for this downward movement is based on the 1.618 Fibonacci extension of wave (a). The target level is:
- 1.618 Fibonacci extension at around 1.37641
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in USDCAD while effectively managing risk with clear entry, target, and stop loss levels.
Order cancelled
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.
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.