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:
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:
Post a Comment