MTB + L/S Zones + S/R(1) - USDCAD 1/29/19 A Red Letter DayHey Trayders,
Just a quick update on the trade taken last Friday. We printed a new Support line from yesterday's price action and are being patient for a new, lower resistance line further down in price. I am personally following the strategy loosely in this test because I believe we will move down to trendstart (seen on the original leg down from last January) but I will show you where I would-have taken profit which is also outlined in the video.
Some possible TPs, if you were to be more conservative, are:
TP1: range between 1.288 to 1.278
TP2: range between 1.263 to 1.253
TP3: range between 1.236 to 1.225
TP4: range between 1.224 to 1.206
setup:
1. add martin trend bars, add martin S/R, add martin L/S zones to chart
2. set martin S/R to 1 or 2 sensitivity (recommend 1)
rules for opening a trade:
-open if zone color is in the same direction as your trade, green for long short for red
-open on the next 3 color trio you have after a trio of the opposing color (aggressive)
-open on the next 3 color trio after a large block of the opposing color (ultra conservative)
rules for stop loss:
-if longing, put SL slightly under the current support (1-5 pips)
-if shorting, put SL slightly under the current resistance (1-5 pips)
rules for taking profit/losses:
-you get stopped out on your trades
-if longing and resistance line becomes lower than the previous resistance line then close the trade
-if shorting and support line becomes higher than the previous support line then close the trade
-if zone color changes to the opposing color then close the trade
-be smart and close the trade yourself under your own discretion
Usdcadshortsetup
Are the Bears hibernating for the USDCAD this Winter? We'll see.We will find out, the daily uptrend for the USDCAD has finally broken as it neared 2018 highs. The ema's on the Daily are still bullish but that is really the only indicator signalling potential bullish momentum right now. I'll be looking for a short entry in or near this yellow circle I've drawn. Which is also a 50-61% Fib Retracement, which is right where I like to enter. There is a also a bullish harmonic on the 1HR which looks coincides prefectly with a pullback that I think we still need to happen before going short.
Setup Vitals:
Daily Stochastic - Bearish (All systems go)
4HR Emas - Still have not all switch to a Short ( I will wait for confirmation)
This could easily be a fake out before it continues higher so make sure to use a stop loss.
I will update as it plays out further.
Current Streak : 6 Wins
USD/CAD has a Elliot wave on 4h hour chart, Here is the Proof!!!Hello ladies and gentlemen, i hope you all having a nice weekend.
Today we have a post with educational idea of elliot waves. Let's observe together, i hope you will like it.
Rules of Elliot waves:
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
We are in A-B-C correction now but main problem is i couldn't define B point perfectly because market is closed right now and not sure if we were passed B point or not thats why i need to see more reaction of usd/cad to define perfect B point.
Okay what will be our setup for this trade?
-For a safe trade, you can wait till price breaks inclined support. Then aim 1.29610 as a target.
-For a more risky trade, you can jump in from these price levels and aim for 1.29310 as a target which is very close to low of 4th wave.
If you are going to decide on second trade setup, i recommend you to use less leverage for a calm trading journey.
(For example 25 or 10 times of leverage)
Stop loss for both trade setups: 1.30900
I hope you enjoyed with my analysis, i wanted to show elliot waves' rules in action.
Please support my account by sharing and liking for more educational ideas.
Thanks and have a nice weekend.
Berk.
Short term Play for UCAD shortUSDCAD poke above resistance level at 1.3230, however it is showing weakness on 4H. There is another swing level present at 1.3260. SL is set slightly above this level at 1.3320
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USD/CAD 1.618 ShortUSD/CAD made a reversal on Friday during the news. The entry already happened but you can still trade down with the new trend and jump in during retracements.
Analysis
-Hit 1.618% fib retracement of previous structure lows and highs
-Hit the top of the channel
-Created a doji on the daily chart
-Also were some divergences on the hour chart showing selling pressure
Exits
I believe take profits could be around the 1.30-1.3050 area at the bottom of the channel. USD/CAD like to shoot up a lot and shoot right back down so I think this isn't an unreasonable target.
usdcad short 12H We have a double top followed by a one bar push down, then the projection point is immediately tested, then the longer wick shoots out further above the double top but cannot maintain any body so closes below. This makes it an ideal short because it's possible there are traders trapped to the long side which might have the effect of pushing price lower. The blue line also indicates an area where price previously had a strong push down. We have a few factors lining up here which give the short a chance. Notice my tight stop, only 30 pips because if price makes another attempt to push higher, I don't want to be in the trade.
USDCAD ShortRiding the bearish price action being played out in the weekly and daily chart, coupled with the news about Syria attack that pushed down the dollar further, while the loonie is being boosted by the likelihood of having a successful outcome in NAFTA negotiations and rising oil price. Setting up short stop order to catch a possible breakout @1.25523 in the hourly chart with TP near 1.242 (support in weekly chart) and SL a couple of pips below 1.26.
www.fxstreet.com
Daily:
Weekly:
Confidence: C (must be careful about possible whipsaws from increased volatility esp this coming Wed during the BoC meeting and the unpredictability of geopolitical risks esp when it comes to USD; depending on how volatile it goes based on the chart and ATR, might momentarily close the position before the BoC meeting)
The USD looks to be taking a nose dive!!Here I have observed a short opportunity on the USD CAD the pair look to be holding at resistance with a really intriguing reversal pattern lets see how the close of this month plays out I'm going short at the 1.27800 level with a down side target 1.27000 level or below.
The USD looks to be taking a nose dive!!Here I have observed a short opportunity on the USD CAD the pair look to be holding at resistance with a really intriguing reversal pattern lets see how the close of this month plays out I'm going short at the 1.27800 level with a down side target 1.27000 level or below.
USDCAD SHORT in Zone for CD Leg on Bullish Bat 2in1 TradeUSDCAD Already being up 170+ Pips on UsdCad looking good :)
Any who our BC Leg finally came to a halt at the 88.8 harmonic ratio.
A few things to consider is
-The Breakout on the 30 min of our purple trend line.
-UsdCad Reached a Zone on the H1.
-Use your levels as potential TP Levels
-With the CD Completing we will be looking for about 200+ Pips.
Lets Eat :)