USD/CAD

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Original post - 31st March 2019 

Posted here - 4th April 2019

 

[USD/CAD] USD/CAD is ~+100 points from the entry point that we had recommended last week. 

Positional traders may move their SL to cost and allow the wave 3 to play out completely towards lower targets, first for a break of 1.3112 & then 1.2781

Final target can be 1.21 in a few weeks if the wave plays out as anticipated. 

Kindly look to lock gains by moving SL as it moves lower.

 

 

 

Original post - 26th March 2019 

Posted here - 4th April 2019

[USD/CAD] We had shared a positional opportunity in USD/CAD two days back when it was trading around 1.3445. 

While the positional targets remain much lower, since we are up ~+50-60 points from the entry point that was shared, it is important to reduce/eliminate all risk in this trade by moving SL to cost or 1.3450

The earlier SL on this trade was 1.3480.

Original post - 24th March 2019 

Posted here - 4th April 2019

[USD/CAD] One of the basic thumb rules of trading using Elliott wave methodology is to take a trade when wave 2 seems to have completed. This is because wave 3 being the longest wave provides an excellent risk/reward ratio if taken at the right entry point. 
The risk, while small, is that when wave 3 takes birth, it always has the potential to retrace back to wave 2 in an extension.

The trading strategy in such scenarios is to get the right entry points near a key resistance/support of wave 2 & take the first trade in small positions to control the risk. 
As the trade plays out in the right direction, positions may be added in the direction of gains for further incremental gains. 
SLs may then be trailed to new average cost to reduce the risk to zero.

USD/CAD seems to be exactly in this scenario pointing towards wave 2 possibly ending at 1.3470
USD/CAD closed on Friday near 1.3411
If this scenario is indeed wave 3, it shall drive USD/CAD towards 1.21 region in the next few weeks.

Since this remains a very early phase of wave 3 commencing, the probability of the scenario at this point in time is no more than 50%. However, the risk reward payoff on this opportunity is huge [1:20]

A good SL on this SHORT opportunity can be 1.3480. Scenario shall be void above 1.3480. Small positions only