Strong Breakout From AUD Weakness With Elliott Analysis

OANDA:AUDCAD   Australian Dollar/Canadian Dollar
148 0
As you can see after hitting strong resistance AUDCAD has turned around. We have also put in some nice wave structure patterns. With this breakout, I am expecting the third wave (if the count is correct) to shoot the market down to crush targets. I have entered at market with stops above the break out candle and targets at weekly support. The RR isn't great but the probability is. If you don't like the RR then wait for a retracement to get a better entry. However, since it is the third wave, there may not be a big pullback.

Good luck!
Apr 07
Trade closed: target reached: Easily hit targets after a strong downward move. A quick 1.1% in the account overnight :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out