EURCAD according to plan, follow up (and example how to trade)

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歐元 / 加元 (FX:EURCAD)

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FX:EURCAD 歐元 / 加元

The EURCAD is moving as we anticipated (for context see previous post below)

I slightly changed the wave count but the overall plan remains the same. I'm looking for that wave C (or 3) higher of larger degree ever since we saw the first impulse higher (counted as either wave A or 1).

The 1 hour time frame shows a potential entry by means of the minor impulse and consolidation which might be ready for a bullish continuation in the beginning of next weeks trading session.

For educational purposes I added this chart of USDJPY from last week to show how you can enter conservatively when we looking for a reversal.

評論:

Although we moved higher as expected we are not out of the danger zone yet. We need at least another leg higher for the possibility of counting this as an impulse higher. So far this still looks corrective to me. I bought the break as described in the original post and moved my stop to break even. If I got stopped out I will re-evaluate. However the bigger picture set-up is still active as long as we don't break below 1.418

評論:

We trade what we see and adjust when necessary. EURCAD made that move lower and I mentioned a likely test of the previous low. We now see a corrective structure to be in progress so short term I'm looking for a bearish continuation. If it accelerates higher from here we simply adjust again.

評論:

Those who were able to keep the first buy, well done and enjoy the profit. I personally am out of this trade but now we at least see another impulse higher so I will be waiting for the next consolidation and buy the continuation. In terms of Risk/Reward, I need at least 1/2 but this will be higher since the stop should be below the next consolidation and we are targeting at least 1.50. Updates will follow once I see the consolidation. However for now I will monitor my AUDUSD trade as posted today with FOMC on the agenda in a few hours.