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| EURCAD - Triangles & Wolfe Waves |
Showing posts with label eurcad. Show all posts
Showing posts with label eurcad. Show all posts
Triangles + Wolfe Waves (EURCAD)
Here's a trade that I have taken, going long on EURCAD. The chart below has all the detailed explanation on the estimated price targets.
Update on Trade Set ups 04/03
EURCAD - Stopped out
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NEW Trades
I took one some new trades today.NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
Trade Set ups - 04/03
EURCAD, Daily - Short
Entry: 1.33639
S/L: 1.36261
Target: 1.31046
EURNZD, Daily - Short
Entry: 1.57529
S/L: 1.59389
Target: 1.53368
AUDJPY, Daily - Short
Entry: 91.992
S/L: 97.426
Target: 88.631
EURCHF, H4 - Long
Entry: 1.22689
S/L: 1.22368
Target: 1.2326
CADJPY, H4 - Long
Entry: 91.230
S/L: 90.458
Target: 91.81
CHFJPY, Daily - Short
Entry: 97.78
S/L: 102.64
Target: 91.926
AUDUSD, Daily - Short
Entry: 1.02079
S/L: 1.02481
Target: 1.01485
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