AUDCAD Short on Elliot Wave Correction
AUDCAD just finished a 5 step Elliot Wave, and is currently on it's leg A of it's ABC corrective action.
Price broke through the 1.01006 S/R line, indicating the 1st corrective wave is still progressing.
First wave corrective action will probably stop ~ 0.997 price, as this is a major S/R line, and also 0.5 Fib
Price expected to bounce off this line into the second wave corrective pattern (B).
MACD crossed over on May 5th, strongly indicating this is still in a downtrend corrective pattern.
Price has also broke through the 4h Ichimoku Cloud.
Going into the 1 hour chart to determine an entry point, the 1.01006 S/R has just been double tested, and held, indicating a market entry. Short at market, stop loss at 1.01764 (0.236 Fib level), take profit at 0.9972. 1.2 risk/reward.
Aggressive entry: Market entry on short, take profit at ~0.9972, re-enter the market long after indication corrective wave A is completed for long position on wave B. ~100 pip gain from short, unsure of wave B pip gain.
Conservative entry: Wait for price to reach ~0.9972 and indicate a corrective wave upwards, buying long. Unsure of wave B pip gain.
Price broke through the 1.01006 S/R line, indicating the 1st corrective wave is still progressing.
First wave corrective action will probably stop ~ 0.997 price, as this is a major S/R line, and also 0.5 Fib
Price expected to bounce off this line into the second wave corrective pattern (B).
MACD crossed over on May 5th, strongly indicating this is still in a downtrend corrective pattern.
Price has also broke through the 4h Ichimoku Cloud.
Going into the 1 hour chart to determine an entry point, the 1.01006 S/R has just been double tested, and held, indicating a market entry. Short at market, stop loss at 1.01764 (0.236 Fib level), take profit at 0.9972. 1.2 risk/reward.
Aggressive entry: Market entry on short, take profit at ~0.9972, re-enter the market long after indication corrective wave A is completed for long position on wave B. ~100 pip gain from short, unsure of wave B pip gain.
Conservative entry: Wait for price to reach ~0.9972 and indicate a corrective wave upwards, buying long. Unsure of wave B pip gain.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.