Hello, hello boys and girls!
The second pair of the day I see to be correcting within a wave B is USDCAD. It very much looks like we are bouncing back towards the Moving Average, which could create some false security in the bull camp in return.
I am still a novice using the EW Theory but I am gaining confidence - so much in fact that I am trading real money using the approach.
In this case I believe that the price will bounce back, forming an a-b-c pattern within the B, only to turn round again and drop to lower lows. Careful though! Wave A got a 1-2-3-4-5 sub structure, meaning that the bounce back of the b could be fairly brief - meaning it doesn't necessarily mean that we even see the 50% retracement!
My stop is at the last low. Good luck everyone :D
The second pair of the day I see to be correcting within a wave B is USDCAD. It very much looks like we are bouncing back towards the Moving Average, which could create some false security in the bull camp in return.
I am still a novice using the EW Theory but I am gaining confidence - so much in fact that I am trading real money using the approach.
In this case I believe that the price will bounce back, forming an a-b-c pattern within the B, only to turn round again and drop to lower lows. Careful though! Wave A got a 1-2-3-4-5 sub structure, meaning that the bounce back of the b could be fairly brief - meaning it doesn't necessarily mean that we even see the 50% retracement!
My stop is at the last low. Good luck everyone :D
