Hello TradingView community,
In this analysis of USDCAD on the 30-minute chart, we see a promising opportunity for a long position based on Elliott Wave theory. The pair has completed a classic impulse sequence up through wave (3), followed by a corrective phase that appears to have ended with wave (4).
The recent price behavior suggests that wave (4) has found support, and we are now poised for wave (5) to commence. This upcoming wave is anticipated to extend beyond the peak of wave (3), with a Fibonacci extension target for wave (5) at 1.38065, which corresponds to the 1.618 Fibonacci level.
For traders looking to capitalize on this setup, considering an entry near the current levels could be strategic. A stop-loss can be placed just below the recent low of wave (4) at around 1.37090 to manage risk effectively. This positioning provides a favorable risk-reward ratio, given the potential for a significant bullish move.
As always, it is crucial to monitor price action closely and adjust your trading plan based on new market information. This setup offers an excellent opportunity, but make sure to adhere to sound risk management practices.
In this analysis of USDCAD on the 30-minute chart, we see a promising opportunity for a long position based on Elliott Wave theory. The pair has completed a classic impulse sequence up through wave (3), followed by a corrective phase that appears to have ended with wave (4).
The recent price behavior suggests that wave (4) has found support, and we are now poised for wave (5) to commence. This upcoming wave is anticipated to extend beyond the peak of wave (3), with a Fibonacci extension target for wave (5) at 1.38065, which corresponds to the 1.618 Fibonacci level.
For traders looking to capitalize on this setup, considering an entry near the current levels could be strategic. A stop-loss can be placed just below the recent low of wave (4) at around 1.37090 to manage risk effectively. This positioning provides a favorable risk-reward ratio, given the potential for a significant bullish move.
As always, it is crucial to monitor price action closely and adjust your trading plan based on new market information. This setup offers an excellent opportunity, but make sure to adhere to sound risk management practices.
Trade closed manually
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