Sunday, February 22, 2015

Usdcad Intra day Update

 After some weeks waiting for the dip in the price of this pair, it now looks as if the odds will favour bearish correction (going by the recent intra day wave structure and weekly candlestick analysis) as I showed in the last update (READ HERE)

After seeing the bearish formation of the last three candlesticks on the weekly chart, I decided to wait for the intraday wave structure before I put a sell order.

In the last post on Usdcad, I also indicated how price was almost completing a complex channel corrective structure. 

Price broke out of the channel without fulfilling the fifth leg to complete the correction and then retraced to the channel afterward.

Price is presently, probably, preparing for a new 5-wave impulsive move downward. 

Wave 1 and 2 have been completed already and the breakout of the wave 2 of 3 channel could make a good trade …riding the wave 3 of 3 to wave 5 would be so much fun with exciting risk reward ratio.


As more price data are added, it’s important to re-access the position of price in the long term and intraday wave structure. Price is the major determinant of its moves.

I will only put a sell order if price holds below wave 2 (in black) and breaks below the corrective channel of wave 2 of 3. 

That will give an opportunity to ride to 1.19-1.20 region.

See you in the next update and trade with patience




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