Anticipating a bounce off the 1.4430 (61.8) area and a possible retest before a long move. If price action breaks through the 1.4700 handle with a nice impulsive move I will look to manage trade accordingly during correction for a carry of about 500 pips from entry at/near 1.4450.
The objective is to target 1:10/15 risk/reward depending on stop loss of 50 pips or less. Even if price action still doesn't breakout of the 1.4700 handle initially, one can still walk away with at least 1:5 risk/reward by taking profit at/near 1.4700 area.
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Kommentar
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EURCAD: made the anticipated bounce and retest but at a lower area..
I agree with your vision overall, though I think we might have one more gyration for a low
ezodisy
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The move up from the last low is just 3 waves so far, and the Friday daily closed as a hanging man. I don't have a long signal yet............Incidentally do you follow AUD/JPY? On the weekly chart it appears very near a low to end a long correction.
ezodisy
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I meant to say very near the lower edge of a weekly ending diagonal, to end a long correction.
ezodisy
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David, this is what I'm looking at right now. It seems we're making a low in the correction, possibly with an ending diagonal. Like you I'm bullish for 500+, at least until the 38.2 of the whole 5 down.
DavidCallwood
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Good observation, I am still waiting for signal to go long again on the H1 and H4. Market seems to almost be ready...
I will update post with new chart once price action show that it is time. The key is not to force it but to know it so that we can move with the markets.