Elliott Wave Free Forex Signal

Currency pair = USD/CAD

USD/CAD Elliott Wave Signal.

Elliott wave Signal for Short term trade setup.

TimeFrame = Daily for Short term trade.

Signal = Buy at market price (0.9320  area)

Target Profit = 0.9420 for first target , 0.9520 area for second.

Stop Loss = at between 0.9290-0.9300 area.

Calculated Trade Risk Level = 1.3+(high risk)

USD/CAD Elliott wave Analysis :-

Same to others Major Currency pairs, USD/CAD also has continue its major trend and makes a new support low.That makes our last “high risk” signal has been stopped-out before target has been archived.

Market is now landing in 300% of fibonacci expansion..that’s  38.2% more that we expected for the limit.Does this means the market has been over sold?Some pro trader said that market will never oversold or overbought.Market will continue to act what ever their want.If they want to go lower, it will go even lower for the new support.But when ever their get a new low,there is always a retracement.

Retracement is against the major trend.Its always a high risk to trade retracement.Still with the help with some indicators , some trader love to scalp when the market retrace.

As USD/CAD did not show any reversal signal yet, today we provided a signal of possible retracement.

Refer to above signal for entry and stop loss setup.

We expecting 100 points for the first target.Remember to move stoploss few point above entry when your profit reached 30-50 points.Then trailing your stop to secure profits.

And if you caught any reversal signal above entry, its a possible a new sub-waves cycle is about to form.Just continue trail your stop until next fibonacci target has been reached.

Below is our illustrated USD/CAD analysis using elliott wave principle :-

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This entry was posted on Tuesday, November 6th, 2007 at 12:34 pm and is filed under Elliott Wave Signal USD-CAD.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.