USDCAD short idea: Elliottwave Truncated 5th + Ending Diagonals
Another short USD idea. This time against the CAD.
Using elliott wave analysis, I can see an ending diagonal just finished by yesterday's spike by Saudi Arabia comments.
However, the price failed to push over to 1.3453 third wave high.
This makes me think that a truncated 5th may be the case, therefore a short is appropriate.
Don't forget risk management is 1st thing, trade setup is 2nd. So you don't cook up your trade with bad money management while the analysis is correct.
Using elliott wave analysis, I can see an ending diagonal just finished by yesterday's spike by Saudi Arabia comments.
However, the price failed to push over to 1.3453 third wave high.
This makes me think that a truncated 5th may be the case, therefore a short is appropriate.
Don't forget risk management is 1st thing, trade setup is 2nd. So you don't cook up your trade with bad money management while the analysis is correct.
