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Showing posts with label AUD/CAD. Show all posts
Showing posts with label AUD/CAD. Show all posts

Friday, March 29, 2013

Elliott Wave Analysis of AUDCAD

Update from the last post http://wavepatterntraders.blogspot.com/2013/03/elliott-wave-analysis-of-audcad.html

Its working well atm, and we have seen a decent decline, although its still lacking enough gyrations for a 5 wave decline from 1.0716, so whilst it remains under the red line (1.0635) i think we should see a bit more downside towards 1.0500 to end an initial 5 wave decline, before we should see a better 3 wave correction

 Regardless now if the wave count gets negated, the trade is at break even, although i am still expecting a bit lower before a decent correction

Sunday, March 24, 2013

Elliott Wave Analysis of AUDCAD

From the Feb 21012 lows, there appears to be a 5 wave advance, although its not exactly your average text book move, it still counts well for a 5 wave advance

Furthermore it appears to have ended on what Ellliotticians call an ending diagonal, with the late decline last week it suggests a peak as we have some decline price action on a 5 min chart to take with us into the market next week

So traders (members or non members) can use the last swing high as risk control at 1.0716, if you look carefully you can see a 5 wave decline, which is a great clue to confirm a reversal in place

Although its bounced in 3 waves, i am not 100% sure the correction is over, so its suggested that traders use 1.0716 as risk control and "Elliott hedge", so allow for a potential move to 1.0700

So stops at 1.0716 will take care of both ideas as the market may decline from current levels or from a bit higher

Non Elliotticians will note the potential H&S reversal pattern on both time frames, so another piece of simple analysis to support the case of a reversal

Disclosure: I am short with stops now at 1.0716, as posted in the swing trade setups forum.

Unlike many other services I trade the ideas i post in the forums, so i trade the ideas along side members

If an analyst presents an idea but would not trade the idea, then how can members be expected to trade the idea?

The larger term wave counts are reversed for members, so you have a decent trade setup regardless of the daily wave counts, so at least another move lower providing it stays under 1.0716

Thursday, October 25, 2012

Elliott Wave Analysis of AUDCAD

Another pair that i think its setting up for a strong reversal, similar idea to the last post on AUDNZD,and once a 5 wave advance is in place a reversal is likely setting up. At least a 3 wave decline should take it back to 1.0150, so a 150-200 pips decline due soon

If you are interested in following the ideas i post on this blog check out the main site at www.wavepatterntraders.com

Although its not a common pair i follow, but when ideas present themselves for a trade, members are informed, as a clear trade is what we are looking for, if it looks poor we simply leave the market alone then look to another market

The main main FX pairs i follow are the main major pairs such as GBPUSD, EURUSD, AUDUSD, USDCAD, and other such as NZDUSD, EURJPY and AUDJPY are followed on a frequent basis

So watch this pair if you are interested as i suspect a bit more price action could see a reversal soon

Thursday, August 9, 2012

Elliott Wave Analysis of AUD/CAD

In the midst of the chop, we appear to finally have a decent 5 wave decline and a 3 wave bounce (currently corrective looking) so any bounce that stays under the prior swing high at 1.0597 is a setup to sell

Target - open as there is a few options, so based on any subsequent decline would tell us going forward

Tuesday, April 3, 2012

Elliott Wave Analysis of AUD/CAD

Looks like an important statement is being made, so far this idea i have been working for the past few months is still working, we have a long way to go for this pair even to correct this advance from 2008

This is what i wrote on the 7th Jan 2012

"Still waiting for this new high, this could be a great trade this year"

Indeed its been a great trade

Friday, February 3, 2012

Elliott Wave Analysis of AUD/CAD

We have finally got the new high for this idea

If my interpretation is correct, the Elliott Wave count suggests that this is about to see a vicious reversal, one that should be a great trade to the downside

The idea is wrong above the red line, as wave [v] cant not be shorter than wave [iii], there are rules and guidelines when counting an Ending Diagonal (ED)

Therefore this is either correct with the risk known before or it will surpass the red line and kill the idea