USDCAD Long: Excellent Buying Opportunity To Take Now!
USDCAD is giving us an awesome entry to go long. The trigger for this trade is an ending diagonal pattern (the wedge shape between the dotted lines).
Why do we like this setup do much? A diagonal pattern is a sign of exhaustion. The choppy, shallow-sloped, overlapping price action is an excellent sign that price is weakening, and is due for a change in trend. Clear momentum divergences on the MACD and RSI support this idea as well.
On top of this, the pattern comes at the very end of another pattern we love to see: an expanded flat (as outlined by the (A)(B)(C) labels). This gives even more confluence to our idea, as a flat pattern is one of the core corrective patterns we trade here at Parallax.
Exactly how you enter is up to you. You can enter now, or wait for the highs around 1.2950 to be breached first. Regardless, the invalidation level for this trade is 1.2766; price must not move past that level for this wave count to remain valid.
This trade setup was created using the rules and guidelines of the Elliott Wave principle. We love the Wave Principle: it's our #1 choice when it comes to forecasting and technical analysis. We strongly believe that no other trading system gives you the same level of confidence when trading. The wave principle provides a rules-based approach for trade entry and exit, as well as active position management.
At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates.
Why do we like this setup do much? A diagonal pattern is a sign of exhaustion. The choppy, shallow-sloped, overlapping price action is an excellent sign that price is weakening, and is due for a change in trend. Clear momentum divergences on the MACD and RSI support this idea as well.
On top of this, the pattern comes at the very end of another pattern we love to see: an expanded flat (as outlined by the (A)(B)(C) labels). This gives even more confluence to our idea, as a flat pattern is one of the core corrective patterns we trade here at Parallax.
Exactly how you enter is up to you. You can enter now, or wait for the highs around 1.2950 to be breached first. Regardless, the invalidation level for this trade is 1.2766; price must not move past that level for this wave count to remain valid.
This trade setup was created using the rules and guidelines of the Elliott Wave principle. We love the Wave Principle: it's our #1 choice when it comes to forecasting and technical analysis. We strongly believe that no other trading system gives you the same level of confidence when trading. The wave principle provides a rules-based approach for trade entry and exit, as well as active position management.
At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates.
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