USDCAD - Set and Forget
1. Objective:
The objective is to enter a sell trade and ride the expected downward trend to the Wave 5 completion.
2. Key Levels:
Resistance Levels:
1.35880: Major resistance level (D1 R) above Wave 4.
Support Levels:
1.32672: Key support level (D1 S) and the expected completion of Wave 5.
Invalidation Level (Stop Loss):
1.35880, the resistance level, as a break above this would invalidate the expected downward move and signal that the Wave 4 correction is still in play.
3. Entry Strategy:
Entry Point (Sell Stop): 1.34990
This level is slightly below the current price and the confirmation sell stop level indicated on the chart, signaling the start of the bearish breakout.
4. Profit Targets:
First Target (Conservative): 1.34000
This is a minor level, providing a conservative target in case the move takes time to develop fully.
Second Target (Aggressive): 1.32672
This is the key support level (D1 S) and the expected completion of Wave 5, making it the aggressive target for the full downward move.
5. Stop Loss:
Stop-Loss Level: 1.35880
Set above the resistance level of 1.35880 to protect against further upward movement in case the analysis is invalidated.
6. Risk-Reward Ratio:
Risk: 89 pips (from 1.34990 entry to 1.35880 stop-loss).
Reward for Target 1: 99 pips (from 1.34990 entry to 1.34000).
Reward for Target 2: 232 pips (from 1.34990 entry to 1.32672).
Risk-Reward Ratio:
Target 1: 1:1.11 (for a conservative target, acceptable).
Target 2: 1:2.6 (for an aggressive target, highly favorable).
Conclusion:
Strategy: Enter a Sell Stop at 1.34990, with a stop-loss at 1.35880.
Profit Targets: First target at 1.34000 and second target at 1.32672.
This plan offers a strong risk-reward ratio, particularly when targeting the extended move to 1.32672, which aligns with the completion of Wave 5.
This trading plan provides a clear structure, strong risk management, and high probability of success based on the current wave structure analysis.
Trading Suggestion
Sell Stop
Entry Level: 1.34900
Stop Level: 1.35700
Profit Level: 1.32700
The objective is to enter a sell trade and ride the expected downward trend to the Wave 5 completion.
2. Key Levels:
Resistance Levels:
1.35880: Major resistance level (D1 R) above Wave 4.
Support Levels:
1.32672: Key support level (D1 S) and the expected completion of Wave 5.
Invalidation Level (Stop Loss):
1.35880, the resistance level, as a break above this would invalidate the expected downward move and signal that the Wave 4 correction is still in play.
3. Entry Strategy:
Entry Point (Sell Stop): 1.34990
This level is slightly below the current price and the confirmation sell stop level indicated on the chart, signaling the start of the bearish breakout.
4. Profit Targets:
First Target (Conservative): 1.34000
This is a minor level, providing a conservative target in case the move takes time to develop fully.
Second Target (Aggressive): 1.32672
This is the key support level (D1 S) and the expected completion of Wave 5, making it the aggressive target for the full downward move.
5. Stop Loss:
Stop-Loss Level: 1.35880
Set above the resistance level of 1.35880 to protect against further upward movement in case the analysis is invalidated.
6. Risk-Reward Ratio:
Risk: 89 pips (from 1.34990 entry to 1.35880 stop-loss).
Reward for Target 1: 99 pips (from 1.34990 entry to 1.34000).
Reward for Target 2: 232 pips (from 1.34990 entry to 1.32672).
Risk-Reward Ratio:
Target 1: 1:1.11 (for a conservative target, acceptable).
Target 2: 1:2.6 (for an aggressive target, highly favorable).
Conclusion:
Strategy: Enter a Sell Stop at 1.34990, with a stop-loss at 1.35880.
Profit Targets: First target at 1.34000 and second target at 1.32672.
This plan offers a strong risk-reward ratio, particularly when targeting the extended move to 1.32672, which aligns with the completion of Wave 5.
This trading plan provides a clear structure, strong risk management, and high probability of success based on the current wave structure analysis.
Trading Suggestion
Sell Stop
Entry Level: 1.34900
Stop Level: 1.35700
Profit Level: 1.32700
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