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Thread: Technical analysis of USD/CAD By Instaforex

  1. #101
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    General overview
    The corrective wave to the downside does not look too much impulsive so far and the weekly pivot at the level of 1.2746 is being well supported. This might mean that the wave labeled as (b) green is likely to be just a beginning of another impulsive wave up and the current consolidation is a corrective sub-cycle of this impulsive wave. Please notice that the current count is valid only in case the wave progression is a part of an impulsive wave (5) to the upside. So, lack of impulsive market behavior might be the first clue that wave 4 green of a higher degree is in progress.

    Trading recommendations:
    The market is still consolidating and the trading advise is still valid. Daytraders should consider opening buy orders if:
    - the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    - the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    - the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #102
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    General overview
    The current price consolidation between the levels of 1.2821 - 1.2736 is getting more complex and time-consuming as the market is waiting for important Fed's news release later today. A breakout might happen any time now and the downward spike to the level of 1.2596 is needed to complete the current corrective cycle. The longer term bias still remains bullish.

    Trading recommendations:
    The market is still consolidating and the trading advise is still valid. Daytraders should consider opening buy orders if:
    - the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    - the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    - the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #103
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    General overview
    The market has come up to test important resistance and weekly pivot at the level of 1.2746. Now, it is slightly giving up gains. The move up had been labeled as impulsive wave (i) green and current corrective cycle might be a wave (ii) green in progress. The most important level for this count is the intraday support at the level of 1.2596 and 1.2634, because any breakout lover will immediately expose the swing lows and enhance the chances for market making wave (b) blue instead of wave (ii) green. On the other hand any bounce/reversal from one of the support levels might suggest more gains in this market as the upward wave will develop, but the key level to the upside is another higher high above the level of 1.2833. Lack of this impulsive wave progression to the upside might suggest a wave 4 green triangle (or any other more complex corrective cycle) is still in progress

    Trading recommendations:
    Daytraders should keep an eye on the intraday support at the levels of 1.2634 and 1.2597 and consider to open buy orders from this levels with a very tight SL (10-20 pips).
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #104
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    General overview
    The current Elliott wave labeling might get invalidated if the price violates the level of 1.2448. This will mean the impulsive wave development to the upside is invalidated and the market is likely to create a more complex and time-consuming corrective structure in wave 4 green. Please notice that the outlook remains bearish as long as the golden trendline is not violated.

    Trading recommendations:
    Yesterday's buy orders did not made any profit, so it would be wise to refrain from trading and wait for more interesting wave developments.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #105
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    General overview
    The main count of the impulsive wave development to the upside was invalidated yesterday as the price violated the low of the wave (i) green and now the alternative count is in play. In this count the corrective cycle is bigger and more complex, but it looks completed as well. That means, the impulsive count of the wave 1 green is valid as long as the invalidation line at the level of 1.2387 is violated. If this happens, the market structure would suggest a complex and time-consuming corrective pattern in wave 4 green in progress. Please note that the first confirmation of possible development of a new impulsive wave to the upside comes with the golden trendline's break at the level of 1.2539 and the bullish divergence between the price and the momentum oscillator that supports the view (black arrows on chart).

    Trading recommendations:
    Daytraders should consider openING buy orders in the daily range zone with SL below the level of 1.2387 and TP open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #106
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    General overview
    The Elliott wave count on the H4 time frame works quite well now as the market is about to test the a zone between the levels of 1.2352 - 1.2379. Please notice that any violation of the level of 1.2388 will invalidate an impulsive alternative green count. This will mean that more complex and time consuming corrective cycle in wave 4 green is in progress. The next demand zone is the area between the levels of 1.1933 - 1.1803 and it will act as a mid-term support for the price.

    Trading recommendations:
    If the level of 1.2388 is violated to the downside, daytraders and swingtraders should consider opening sell orders on any rally up with SL above the level of 1.2555.
    Technical analysis of USD/CAD By Instaforex-usdcad_h4-jpg

  7. #107
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    General overview
    As anticipated yesterday, the bottom for the wave (b) blue should be in place now and market is trying to rally upward in first possible wave 1. To confirm that scenario, the price has to break out above the level of 1.2540 and head up higher in impulsive way. Please notice that only a sustained breakout below the invalidation line at the level of 1.2388 is going to make this scenario invalidated.

    Trading recommendations:
    There are two scenarios for mid-term trading decisions for daytraders and swingtraders:
    -If the level of 1.2388 is violated to the downside, daytraders and swingtraders should consider opening sell orders on any rally up with SL above the level of 1.2540 and TP open for now
    -If the level of 1.2540 is violated to the upside, daytraders and swingtraders should consider opening buy orders from any retrenchment level with SL below the level of 1.2388 and TP open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #108
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    General overview
    The wave progression is developing as anticipated with the first impulsive wave to the upside already in place and ongoing corrective cycle. The main count indicates one more wave down in order to complete a simple abc purple correction and then uptrend resumption. The first projected target for correction completion is at the level of 1.2561. This count is invalidated only when the level of 1.2387 is violated. The mid-term outlook for swingtraders is still bullish as there are uncompleted impulsive waves to the upside.

    Trading recommendations:
    Daytraders should consider opening sell orders for intraday scalp from current market levels with SL above the level of 1.2705 and TP at the level of 1.2561.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #109
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    General overview
    As we anticipated yesterday, the corrective wave to the downside, labeled as wave c purple, had been completed and the whole abc purple corrective structure is in the shape of a nice zig-zag. Please notice that the market must break out higher above the intraday resistance at the level of 1.2627 and 1.2708 in impulsive fashion to confirm the end of the sharp correction in wave 2 black . Otherwise, the corrective structure will evolve into more complex and time consuming pattern as indicated by the alternative count.

    Trading recommendations:
    Yesterday's sell orders should be closed now with profit and daytraders should consider to open buy orders from current market levels with SL below the level of 1.2575 and TP open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #110
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    General overview
    The corrective cycle is getting more extended in price and time, but the overall structure still looks like a solid zig-zag corrective pattern. There is one more wave downward missing here and the projected support zone for this wave is seen between the levels of 1.2473 - 1.2492. Any break out lower would mean the level of 1.2408 and 1.2387 is likely to be tested (black and green impulsive counts invalidation levels) and if one of those levels of gets broken, the impulsive wave progression is invalidated.

    Trading recommendations:
    Daytraders should consider to open buy orders around 1.2473 - 1.2492 with SL below the level of 1.2408 and TP is open now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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