EURCAD: STILL LOOKING FOR A DEEP CORRECTION 500 PIPS
Several forms of analysis come together in this picture...
WAVE ANALYSIS: 5 wave down then what seems to be a wave a/1, an expanding triangle/wave 2 of an possible abc correction.
SUPPORT & RESISTANCE: Price action found support/buyers at/near the 1.4430/00 handle bouncing off the 61.8 fib level (confluence) with consideration of divergence in play.
FAMILIAR PRICE ACTION PATTERN: 3 Point Turn (3 green arch's) which I would trade the same way each time it is presented.
I mention a few forms of analysis for one reason only.. AS A TRADER YOUR PERCEPTION IS YOUR ONLY REALITY, FIND WHAT YOUR FAMILIAR WITH AND USE THAT AS YOU'RE EDGE. AND EDGE ISN'T NECESSARILY KNOWING WHAT OTHERS DON'T, BUT IN MY OPINION... A REAL EDGE IS BEING ABLE TO CAPITALIZE ON WHAT YOU DO KNOW.
What is your perception and what perception is you're reality ?
There no wrong way to view the market, only wrong ways to trade it...
Trade with care.
WAVE ANALYSIS: 5 wave down then what seems to be a wave a/1, an expanding triangle/wave 2 of an possible abc correction.
SUPPORT & RESISTANCE: Price action found support/buyers at/near the 1.4430/00 handle bouncing off the 61.8 fib level (confluence) with consideration of divergence in play.
FAMILIAR PRICE ACTION PATTERN: 3 Point Turn (3 green arch's) which I would trade the same way each time it is presented.
I mention a few forms of analysis for one reason only.. AS A TRADER YOUR PERCEPTION IS YOUR ONLY REALITY, FIND WHAT YOUR FAMILIAR WITH AND USE THAT AS YOU'RE EDGE. AND EDGE ISN'T NECESSARILY KNOWING WHAT OTHERS DON'T, BUT IN MY OPINION... A REAL EDGE IS BEING ABLE TO CAPITALIZE ON WHAT YOU DO KNOW.
What is your perception and what perception is you're reality ?
There no wrong way to view the market, only wrong ways to trade it...
Trade with care.
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Proceed with caution, market is in a corrective phase and could struggle as it finds buyers.
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