An Ending Diagonal Is About To Trigger Long On USDCAD
We recently broke the Support in USDCAD in the Daily timeframe and started falling sharply down.
I tried to assign the Wave Counts for this down movement up until now.
We're currently facing a bearish contracting movement with overlaps in a bearish background which is called an Ending Diagonal.
Some call it a Wolfe Wave and as Mr.Wolfe suggests the upside target would be at the touch of trendline connecting 1 to 4.
I'm taking the order when I get triggered in the shorter timeframe and will have 3 positions and close them at different Fib levels and structures.
The Stop Loss would be at 100% price projection of wave three of the diagonal which will void the wave count.
I tried to assign the Wave Counts for this down movement up until now.
We're currently facing a bearish contracting movement with overlaps in a bearish background which is called an Ending Diagonal.
Some call it a Wolfe Wave and as Mr.Wolfe suggests the upside target would be at the touch of trendline connecting 1 to 4.
I'm taking the order when I get triggered in the shorter timeframe and will have 3 positions and close them at different Fib levels and structures.
The Stop Loss would be at 100% price projection of wave three of the diagonal which will void the wave count.