USDCAD bullish limit
Updated
ABC correction of recent downtrend in progress. Current bullishtrend should reach at least 37.6k.
- A from ABC correction hits double top. This is for better structure.
- Triangles show resistance and weaknesses of chart progression. The current triangle should be repelling it, making chart go more directly toward objective.
- The w to z waves are to identify a relative impulse. It is just for guide.
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Since it hit the repelling triangle, chances of going sideways are high. You can take profit now, wait for retracement and then start buying again.
The bullishtrend was faster then what I thought. Trend will finish E.W. sooner with the sideways.
Cloose SL on profit. Always do it.
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Retracement has been done. Still can go sideways until the other triangle is touched. If it doesn't make new lower peak, HH will long.
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If EURUSD will go bullish, then is normal that USDCAD goes bearish. If it turns out like this, one of them will need to make the first move to bullish or bearish position (as a limit) so the other one will move freely. I think both want to go bullish, and EURUSD is more suitable to go bearish for now, having thought on this, we can hold and wait for tomorrow for the bullishtrend. If not, I will close trade manually because things may turn out too risky.
Note
If your SL has been hit, wait until another red candle appears to buy. If EURUSD hasn't gone full bullish, it will be wise to not trade CAD until reverse pattern is made.Trade active
Adjusting everything according to recent downtrend...
Two sets of ae.w. has been applied. Waiting for the final wave to start bullish E.W.
Atraction channel has been hit, but not trespassed. Because of this, more bearish movement is expected. I'll start opening the trade now, you guys can wait for a red candle before a red.
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Final wave should happen soon. EURUSD haves a finl wave too and Bitcoin. The only unseen scenario would be a mistake from back analysis. Let's see what we can await.
Note
It suppose to go bullish from now. If not I made a mistake.
While I'm focused on waves patterns and different types of it, USDCAD is this market that waves are commonly big and small waves aren't taken with same importance.
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Chart is in manipulation state and it's abnormal. I'll close trade here on SL.
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