Friday, March 18, 2016

Elliott Wave Forex Signals - Closing Half USDCAD Position at 50 Pip Profit

Elliott Wave Forex USDCAD Trade Update


Taking some profits off the table after a nice push higher in the USDCAD and moving the stop loss to breakeven, locking in a decent 50 pip profit on half a position and now targeting 1.3050:

Take profit on half position at 1.3015
Move stop loss to breakeven at 1.2965
Move profit target on remaining position to 1.3050


ORIGINAL POST ON THE TRADE:


Elliott Wave forex signal on USDCAD

The dollar decline looks extended in both the USDCHF and USDCAD.  Both triggered buy signals in my proprietary indicators last night and both have mature wave counts on a short term basis.  I see a wave iv unraveling in a Flat Correction with wave ((c)) in full force now which here which should push the pair up to the between the 23% and 38% Fibonacci retracement levels, and also to the area of the prior 4th wave as well between 1.3036-1.3106.  Stop loss would be at the wave iii low at 1.2922.  Here is my trade:

Long now at 1.2965 (correction made - note chart price level)
Stop loss at 1.2920
Profit Target at 1.3065 

Please like this post :-)


PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

No comments:

StatCounter