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.
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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
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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.
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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.
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Keep an open mind, hope this chart helps with that.
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Stop loss shown in chart is original stop loss, currently at break-even.
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chrisvos
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I got in exactly on the bottom! This will be an awesome trade if it breaks!! Good luck!!
Tradesmanship
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edisoho
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thanks for explaining how u read the chart
TomPower
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At least I can see what you did with yen now
TomPower
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Tim you may get a pop with the brexit vote but don't see a clear advantage
TomPower
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Tim. Looks like you've got a pretty keen eye mr. Stuyts. I may bitch but it's because I've been losing money trust me I've been through the ringer too many times.
TimStuyts
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Don't worry Tom you will be fine, try to document all your trades and see what trades are working for you and whether you can rationalize it. I will update this EURCAD pair for educational purposes because real life examples in trading are the most valuable. I'm pushing the web designers as much as possible to finish my website where I can elaborate in more detail about how I look at the market. If you need anything don't hesitate to ask.