AUDCAD - Long Wave III
Hey boys and gals!
I am still practicing my Elliot Wave count, so please bear with me or point me into the right direction if I get it wrong.
However, as far as I understand it the correction pattern A-B-C is complete and we transitioned into a new cycle of 1-2-3-4-5. I got to be honest and say that I traded the C of the last correction and banked the FIRST real profits using the EW approach. That gave me confidence and I am trying to stay onboard and not become complacent.
So currently I am sitting on a long trade since I though wave 2 could be complete and as it stands the wave 3 has started. As wave 1 wasn't extended, either wave 3 or 5 will be an extension - so I won't be talking about a potential take profit level at this stage.
It is quite exciting to be perfectly honest! Please feel free to comment, especially the ones who are more experienced in the EW theory.
Thanks
I am still practicing my Elliot Wave count, so please bear with me or point me into the right direction if I get it wrong.
However, as far as I understand it the correction pattern A-B-C is complete and we transitioned into a new cycle of 1-2-3-4-5. I got to be honest and say that I traded the C of the last correction and banked the FIRST real profits using the EW approach. That gave me confidence and I am trying to stay onboard and not become complacent.
So currently I am sitting on a long trade since I though wave 2 could be complete and as it stands the wave 3 has started. As wave 1 wasn't extended, either wave 3 or 5 will be an extension - so I won't be talking about a potential take profit level at this stage.
It is quite exciting to be perfectly honest! Please feel free to comment, especially the ones who are more experienced in the EW theory.
Thanks
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