UsdCad To Take A Rest - the best forex trading signals

UsdCad To Take A Rest ~ the best forex trading signals

On 31st May, there was analysis here titled Multi Face Analysis of the Usdcad. 

After the analysis, I put a sell order. 

 

I was so sure that I was selling after the completion of a long term flat formation on the weekly chart which was confirmed by the 5-wave impulsive move. 

Price was expected to break below 1.90 in a motive mood.

Price did react and fell, hit my first target at 250pips, then rallied and took 1.23 up in an impulsive manner. 

After looking at the preceding dip from 1.256 to 1.212 and saw how fast the advance was, i quickly exit my second position at a profit of 60 pips. 

The dip was zigzag correction. I didnt trade it because it doesnt tick all my boxes. I only used it as a precautionary measure to close a winning position before running to loss.

 

 Elliot wave theory helps to maintain a winning edge by giving us a clue on how price should response to every pattern it forms, not in a perfect way.

The advance from 1.2125 was an impulsive move with the third wave breaking above 1.28 resistance for more movement upward to 1.316.

 

The third wave is a textbook 5-wave pattern to which price is expected to react, if the support neckline of the terminating upward congestion is broken downside, and dip to 1.28 support in a congestion manner (probably a triangle) typically seen wave 4. 

 

A rally is now expected to terminate the whole upward move after which one can be expected to trade end of 5th wave reversal.

Wave 4 dip is expected to be limited at 1.265 or above 1.256. Any dip below 1.256 could spell bearish resumption.

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Watch Out For EurUSd - forex trading signals that work

Watch Out For EurUSd ~ forex trading signals that work

The last update I did on this currency pair was titled How to trade the elliot wave pattern when I wrote about how to follow price actions using elliot wave analysis and trading clear patterns that price usually respond to.

Prior to that, there was an update titled Eurusd in a bearish net , which was immediately followed by a fast bearish move.

 

I still maintain my belief that the larger term direction is bearish. The bullish move from 1.05 is clearly a correction. 

What corrective pattern price is trying to form and when the bearish movement will start, is what we want to know. 

 

 

The chart above shows two corrective waves- [w] and [x]. Wave [w] is a corrective zigzag while [w] fits a flat. 

The wave c of [x] is emerging as an ending diagonal, a tradable pattern.

If price dips a bit from the current position ( to complete the last leg of the diagonal) and break above the emerging diagonals wave iv, we should be seeing Eurusd advancing.

Levels to watch out for are 1.45 and 1.8 . 

 

This bullish corrective pattern, if not a complex correction, could be a double zigzag. 

Price will validate or invalidate this analysis. It is what I expect of price and if price agrees with me, I will key in.

There will be an update later.

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