I got stopped out of the EURCAD trade last week. And sure as it often happens the pair reversed course and went in the direction that I had in my mind when I initiated the trade. The wave 2 correction was just too deep to my liking. I believe that this is just the start of wave 5 and I will get an opportunity to go short again (hopefully without getting stopped out this time). The daily count seems to indicate that we might have completed a 1-2 sequence and have a started a wave 3. I expect another 1-2 sequence in wave 3. The 4 hour chart seems to indicate that the pair has completed or is close to completing a 5 wave sequence from 1.4330. Any 3 wave rally would be an opportunity to sell. As posted last week I believe that the pair might have completed a wave 4. The back to back bearish candles right at the 50% retracement of wave 3 seems to confirm that opinion.
No comments:
Post a Comment