V1:T10_USDCAD_Larger perspective_Impulse Wave in motion_$CAD!
I've had this fibonacci fan drawn on this monthly USDCAD chart for some time. I think its time to share with the world. Every time I look at this I'm just baffled how clear its been in the last few years. Notice the red line acting as the mean. Markets are either moving away or toward the mean. The safest bet is always toward and never against the mean. Price is due to test the green channel by reversion to the mean theory.
Daily is trending higher forming a beautiful higher high. The 5 wave impulse pattern that appears to have more room to run. Daily stochastic is also bullish.
The Fibonacci fan is calculated using rise over run (slope) which is the basis of calculus and links to derivatives that are used to capture the scale and perspective of human emotion in charts and identify cycles that have been known to repeat through out history.
The fans start point is to the low before the lasting move higher (9/2012) Month/Year
The highest point (1/2016)Month/Year
The lowest point (9/17)Month/Year
Going into next week..
I will be looking for pullbacks. I believe this trend is due to move higher and this will require EURUSD to be weak. The profit target is aided by the Fibonacci fan, back to the mean theory and extension levels that are obviously in acting force on this market.
I will also be testing a new strategy. Observing short term support levels on 30 minute charts and running 30 pip stop and 30 pip target with 10 pip trailing profit. Using this strategy I am trying to satisfy my desire to trade while also maintaining swing trade positions which will be long in this currency pair.
Patients will be key by waiting to confirm trade signals around major levels. I would love to see price pull back to test that old extension level. Entries and exits will be posted
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
Daily is trending higher forming a beautiful higher high. The 5 wave impulse pattern that appears to have more room to run. Daily stochastic is also bullish.
The Fibonacci fan is calculated using rise over run (slope) which is the basis of calculus and links to derivatives that are used to capture the scale and perspective of human emotion in charts and identify cycles that have been known to repeat through out history.
The fans start point is to the low before the lasting move higher (9/2012) Month/Year
The highest point (1/2016)Month/Year
The lowest point (9/17)Month/Year
Going into next week..
I will be looking for pullbacks. I believe this trend is due to move higher and this will require EURUSD to be weak. The profit target is aided by the Fibonacci fan, back to the mean theory and extension levels that are obviously in acting force on this market.
I will also be testing a new strategy. Observing short term support levels on 30 minute charts and running 30 pip stop and 30 pip target with 10 pip trailing profit. Using this strategy I am trying to satisfy my desire to trade while also maintaining swing trade positions which will be long in this currency pair.
Patients will be key by waiting to confirm trade signals around major levels. I would love to see price pull back to test that old extension level. Entries and exits will be posted
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
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*Patience- misspelling in paragraph before disclaimer.
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Not quite enough of a pullback for me to enter yet. But this trend does look pretty aggressive. Lets see what the fed meetings tomorrow hold...
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Getting ready to go it.
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