EURCAD: STILL LOOKING FOR A DEEP CORRECTION 500 PIPS
Updated
Several forms of analysis come together in this picture...
WAVE ANALYSIS: 5 wave down then what seems to be a wave a/1, an expanding triangle/wave 2 of an possible abc correction.
SUPPORT & RESISTANCE: Price action found support/buyers at/near the 1.4430/00 handle bouncing off the 61.8 fib level (confluence) with consideration of divergence in play.
FAMILIAR PRICE ACTION PATTERN: 3 Point Turn (3 green arch's) which I would trade the same way each time it is presented.
I mention a few forms of analysis for one reason only.. AS A TRADER YOUR PERCEPTION IS YOUR ONLY REALITY, FIND WHAT YOUR FAMILIAR WITH AND USE THAT AS YOU'RE EDGE. AND EDGE ISN'T NECESSARILY KNOWING WHAT OTHERS DON'T, BUT IN MY OPINION... A REAL EDGE IS BEING ABLE TO CAPITALIZE ON WHAT YOU DO KNOW.
What is your perception and what perception is you're reality ?
There no wrong way to view the market, only wrong ways to trade it...
Trade with care.
WAVE ANALYSIS: 5 wave down then what seems to be a wave a/1, an expanding triangle/wave 2 of an possible abc correction.
SUPPORT & RESISTANCE: Price action found support/buyers at/near the 1.4430/00 handle bouncing off the 61.8 fib level (confluence) with consideration of divergence in play.
FAMILIAR PRICE ACTION PATTERN: 3 Point Turn (3 green arch's) which I would trade the same way each time it is presented.
I mention a few forms of analysis for one reason only.. AS A TRADER YOUR PERCEPTION IS YOUR ONLY REALITY, FIND WHAT YOUR FAMILIAR WITH AND USE THAT AS YOU'RE EDGE. AND EDGE ISN'T NECESSARILY KNOWING WHAT OTHERS DON'T, BUT IN MY OPINION... A REAL EDGE IS BEING ABLE TO CAPITALIZE ON WHAT YOU DO KNOW.
What is your perception and what perception is you're reality ?
There no wrong way to view the market, only wrong ways to trade it...
Trade with care.
Note
Proceed with caution, market is in a corrective phase and could struggle as it finds buyers.Note
Note
Forecast Update
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.