This is for long term overview of the currency pair USDCAD. Please read the chart for deeper explanation.
I believe putting oneself in the shoes of the bears and bulls would give us a better understanding of the pressure they are in hence, giving us a clear glimpse of the price action.
Please refer on the chart for proper discussion. This is just my trade plan for this week. Should the market be forgiving enough and follow my plan then that would be good. I'm just stressing out the importance of planning your week ahead.
-neilharveyg
PH-PIPS
SWING TRADERS
Reason:
Price hit Resistance 1 of the Monthly Pivot Point
plus a divergence on MACD.
Target TP: 1.71333 more like 400+ pips.
Good Luck.
=I plan my trade and trade my plan=
HRLY TRADE STRATEGY
I'm making use of FIB Retracement and Extension for price projection to determine possible support and resistance.
BUY ZONES
1. 1.6716
2. 1.6702
3. 1.6688
Do not rush buy below 1.16688 wait for another entry. I'll give updates.
Take Profit Zones
1. 1.6770
2. 1.6787
3. 1.6832
If you have followed this plan yesterday you perhaps you earned a lot 2 TPs were hit.
a. 1.2722 - the projected triangle breakout
b. 1.2706 - Fib 0.618
Next Move will be the A correction which will be at 1.2750. It is the Fib Golden Inverse level 0.618.
NB: I plan my trade and I trade my plan. Cheers!
NOTE:
1. Awaiting Triangle Breakout @30MIN Chart
for Wave 4-5 to complete. (NB: If Triangle is Broken and it retraces back, put a SELL order on the high of that retracement)
2. If Triangle is broken it will proceed to Wave 5
Inverse Golden Ratio of Fib (1.168) @ 1.27063
3. You can Take Profit either:
a. 1.2722 - the projected triangle breakout
b. 1.2706 - Fib...
Hey guys, I'll just keep it short and sweet. Here's my trade idea:
Fib and Elliot Wave:
Time for (a) to (b) correction on the 4H chart E. Wave 1-5 has been completed with minor patterns on wave 4-5 properly observed. Forecasting price to go down to on Fib level (0.236) and retrace back to 80.708 (0.618).
Fundamentals: Monday opening would give JPY high...
Take Note:
1. Eliot Wave - a-b correction has been completed. B-C is on its way. Projected price of C would be 131.02 (which is also the 50% Fib level.) If broken, a higher percentage would lead to 130.22 (61.8% Fib level)
2. Fundamental - Japan has set of red economic activity this week - Probability for this forecast to happen is perhaps high.
Trade at your...
