Hi fellows, Watch for sell from top for one more move down. In case price break up with strong power then we will look for reversal as you know we are the bottom. Good Luck fellows.
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Price still in the pattern has not changed anything so watch for the TCP if you are not in and then breakdown.
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Watch breakout
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We are having change in pattern formation but we are still in strong bearish trend so i am anticipating one more move down. Currently we have short term up trend which has not finished yet so once i will see nice price action for down side i will update the idea. Remember we are still in corrective up trend which can break down at any time so if you are looking to buy for longer term than careful. Look for buy as much low as you can or on a valid TCP.
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Watch top fellows.
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Watch TCP ( Trend continuation pattern ) and then look for breakout
Price rejection, after news trend continuation from the lows. LONG USDCAD
taksistalo
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Thanks for sharing,
How do you trade expected brake out neither way? Set up pending orders or getting involved after initial move?
4XRandalll
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Double bottom formed.
CAD economy data suggesting flat to weaker.
USD NFP no news would be great news.
SO I went long at the break of PSR,
and NFP was as expected.
Moved to SL to break even, no will let it ride and watch the bearish trend for next few weeks, or months. :)
Wave-Trader
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@4XRandalll, yup indeed it was on a reversal area but bearish trend still in force it can test bottom again the way price is rising is corrective so it can test bottom again if so we will look for buy. But currently I am looking one more move down before rise and if we don't see price at bottom again then at least price will retrace up to 50 percent of the previous bullish impulse before rising
4XRandalll
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@Wave-Trader, and im out of my USDCAD long trade today. so that was a nice 8 day run for 130 pip rally. :)
keep up the good work, I look forward to you weekly analysis. very insightful.
Hi! Got a question for you regarding today's push above 1.2650, does this invalidate the current chart and suggest trend has changed direction giving credence to a July low has been established for the moment and we are now in an uptrend heading past the downtrend channel to test 1.30+ again? Thank you for reply in advance looking forward to hearing your insight applying EW.
Wave-Trader
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@stevejohnson0099, we are still in bearish trend it can test bottom again. yup looks like price is setting up for reversal
stevejohnson0099
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@Wave-Trader, thank you for the reply, much appreciated as always :)
taksistalo
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Thanks for confirming looking for one more move down as well. Hope price anticipating this wave as well. Might be waiting for tomorrow news. Can blow up both ways.