NZDCAD EW 5 wave idea
Welcome to another Forex Trading Snack.
NZDCAD looks good for a possible EW ( Elliott Wave ) 5 wave pattern on the hourly or the 2 hour and also in the 4 hour charts. Sometimes patterns are much more clear on a certain timeframe, but at times like this, it fairly clear in multiple times.
Friday trade was wild with NFP news and price action that followed. Yet NZDCAD set up a nice pattern and along with using RSI it appears to have put in a short term top and now we can look for a 3 wave ( a, b, c, wave decline )
My game plan is looking for a bounce higher into Asian trade yet for the top around .8500 to hold as the high. There is a chance for a new top to form and still not upset this pattern. Assuming the top is in. I’m looking for price to go to or around .8475 and have that as a good selling point placing my stops just above the highs. My targets are .8400-.8375
That would be risking 25 pips to try to make a 100
A good risk reward play if I may say so.
In forex trading you either make dust or you eat dust!
If you trade any idea you automatically assume all risk of loss to your own trading account. No trade idea is a sure thing. Just because I maybe trading this idea doesn’t mean it will result in profits made or that our outcomes will be the same good, bad, or indifferent.
All the best in your trades.
NZDCAD looks good for a possible EW ( Elliott Wave ) 5 wave pattern on the hourly or the 2 hour and also in the 4 hour charts. Sometimes patterns are much more clear on a certain timeframe, but at times like this, it fairly clear in multiple times.
Friday trade was wild with NFP news and price action that followed. Yet NZDCAD set up a nice pattern and along with using RSI it appears to have put in a short term top and now we can look for a 3 wave ( a, b, c, wave decline )
My game plan is looking for a bounce higher into Asian trade yet for the top around .8500 to hold as the high. There is a chance for a new top to form and still not upset this pattern. Assuming the top is in. I’m looking for price to go to or around .8475 and have that as a good selling point placing my stops just above the highs. My targets are .8400-.8375
That would be risking 25 pips to try to make a 100
A good risk reward play if I may say so.
In forex trading you either make dust or you eat dust!
If you trade any idea you automatically assume all risk of loss to your own trading account. No trade idea is a sure thing. Just because I maybe trading this idea doesn’t mean it will result in profits made or that our outcomes will be the same good, bad, or indifferent.
All the best in your trades.
Trade active:
Was filled at .8475 it’s live now. Will manage it from here should it begin to move in my favor.
On a side note; I have more orders above the highs just over .8500 in case the last high wasn’t the 5Th wave high. Sometimes 5 wave highs are set with a 3 wave final push higher into that true 5Th.
Being im not sure, and no human can be sure, we trade the odds of what could be most possible.
On a side note; I have more orders above the highs just over .8500 in case the last high wasn’t the 5Th wave high. Sometimes 5 wave highs are set with a 3 wave final push higher into that true 5Th.
Being im not sure, and no human can be sure, we trade the odds of what could be most possible.
Trade closed manually:
And we closed the trade manually for a little over 50 pips. It could still go lower, but why push it this early in the week.
I tend to like early weekly wins to then finance longer term ideas that are still in development early on in the week. Besides no one ever went bankrupt by taking a good profit!
My trade had a 1-2 risk reward...
and I can live with that.
Off to the next trade.
All the best.
I tend to like early weekly wins to then finance longer term ideas that are still in development early on in the week. Besides no one ever went bankrupt by taking a good profit!
My trade had a 1-2 risk reward...
and I can live with that.
Off to the next trade.
All the best.