USDCAD trend reversal?

Monthly Pin Forming at the bottom. The grey shaded areas are price action for the summer months of July August & September.

There has been no major retracements since the first of the year bearish UsdCad run.

hey Bravado, I haven't been on in a while but I just noticed your #989 post. I saw and had drawn the exact same pattern on my charts and went short as well.

Well Done!

WillyT

My view on USDCAD Daily. Cautious applies due to that trendline breakout if searching for shorts.

hey guys, thowing my 2 cents worth.

obviously many styles of trading and one has to eventually (hopefully before the money runs out) what style is best.

someone made a comment about money management, a very good comment as position sizing probably # 1 and I agree. as someone who has blown thru more than 6 figures, money management now reins supreme.

back to E.W. theory. many traders continually come back to it because I think deep down they know there is something there. however it is complicated and get 10 elliotticians in a room and you usually have 10 wave counts and therein lies the problem.

reading? Robert Precters book certainly belongs in the library, I have it but somehow have never been able to complete it even though I try. He also has a site: www.elliottwaveinternational.com that offers plenty of material, freebies and of course, courses.

software, I think I've looked at most of the stuff? I'm currently working thru the 60+ module course on www.elliottician.com; home of the Elliot Wave Analyzer now the improved version; the Refined Elliott Trader. (you can go thru about 15 modules for free)

the creator of this piece; (and yes you can download a free demo version at the above address) has in my opinion put together an incredible course that baby steps you thru elliott wave. his course is very comprehensive and is part of the software purchase. if you really want to learn E.W. theory, this is a good course and while only halfway thru the course, you do start to recognize many patterns by eye.

so in my humble opinion, it certainly is one of the more difficult disaplines to learn but the more I learn; I'm starting to feel like the more of an edge you could /might / should /do have. I don't think it really helps with intraday a lot other than if you feel you know where the market is likely to head with a high degree of probability, you will of course look for setups with that bias in mind.

I have to say however that EW theory is one of those love hate things but it is a discipline. Many trading techniques are subsets of the EW theory, fibs, retracements, extentions, ect. For me if I use the subsets, I just like to know what the mother ship is up too.

now when my frustrations get too high, it's back to candlesticks and trendlines, and I especially like Tom DeMarks style of trendlines. Bravado's very simple yet effective analysis ( # 989) is simply recognizing pattens that happen over and over and that really is what EW is about on a grander scale. USDCAD is performing technically very well right now and is fairly predictable.

ok, 3 cents worth.

having said all that; if you really want to improve your trading go to: www.mymonavie.com/willchase and investigate the mysteries of the juice!

Good luck and good trading, WillyT

Marketwavez, from this program it was derived, and transfered to tradestation with add on ELD hope this helps.

Another shot with the major setup perhaps.

Wave 4 or ABC could be all but finished yet hitting target already and resume into the completion of W5 lower. My data from russian exchange server says we closed around 1.0674, I think we should be nimble at either side of the stance we choose, reversal or continuation.

Are you something like an independent distributor, perhaps named, Will Chase?

Bravado

are you there ? ........
this thread is dedicated to the Canadian Dollar -
and just like you , I'm getting bored with it ....

there are other Forex market that i have charts and would like discuss
and there are some other chart ideas ...... I'm sending you a PM to explain .

----------------------------------------------------------------

Here is a look at what may happen looking out over the next 3 -4 weeks ....

There is an Rising Channel Formation here ..........
and we may be moving towards -
the End of a " Wave 3 " expansion somehow
--------------------------------------------------------
-This is little bit medium term out look -

After Looking at you last chart , I think you should look for
bullish Garttley pattern , so called Type 1 setups
on the half hour bars only ......
and only consider the most extreme maximum target points ....

Look for this on Monday and Tuesday of this week .
----------------------------------------------------------
Post it here when you find it , and use the same chart style with the white background .

.......... I will comment then ! ..............
( Use 1/2 hour bars only )

Just wanted to post another note here about Using Software

The charts you see that are posted here
are drawn with simple Fibonacci lines and Trendlines
which are available for free in many chart packages today .

I'm using Tradestation ...... If you want to know !
-but it really doesn't matter because all the packages today all have
Fibonacci Studies and Trendlines Drawing Tools which again are free........

Scroll back though his thread and see the last 10-12 pages
It's all here -
----------------------------------------------------
Elliott Waves software helps yes ....

but you don't need them ,
( especially if you are beginner to learning the waves )
-----------------------------------------------------------
Books, Tapes , and Training Videos are your friend
if you are just beginning and also Training Dvd's .........

Seek them out - and leave the Elliott Waves software alone
untill you have say 6 months or more of experience of locating
wave set-ups by eye ....
---------------------------------------------------------------
after that ,
Then you can get the software to confirm what you are used to seeing already ! ................

i bet it could go to 1.0900.
my entry buy stop 1.0750 - 150pip profit target.

--
Thanks for you input MarketWaves.

Heres another view of the Usd/Cad ..............


Going into Tmmorow ..... Just thinking .......
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pg 2..................
Also looks like a coil is forming ?.............

Just a thought .....

Edit: Sweet! ive caught 30 pips so far





WOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

it was your trade. thank yourself.

same to you as well.

10:05 USD/CAD starting to "lose that loving feeling" thru 1.07

Good morning , All

We got that coil break -out after all .

Now , which way ?..........
-----------------------------------------

North or South ?.........