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EURUSD and USDCAD On Radar Screen

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Our Services             NEW!!Elliott Wave School

Aug 31 2018

Do you know what is the most important as a trader? It’s to have your own bias, opinion, but at the same time to be “open minded” and be willing to listen the market and adjust the view whenever that’s needed.

My full time job is analysis, so trading is like a half-time job I would say, because I am not constantly risking my money. Analysis its very important for me, and I have to spent hours before I find some trade set-up, if there is any! Normally I analyze 80-90% of the time, and trade only 10%, so even trading requires a lot of work, no doubt!

As a trader, its important to consider both sides of the market, bull or bear, no matter what my analysis says, because we don’t know what market will actually do, so it’s good to be prepared rather than be surprised. With that being said, I am tracking EURUSD and USDCAD pairs for next week, but what is interesting is that I have EURUSD on my watchlist for possible longs on pullback, but at the same time also looking at USD for possible longs against CAD. I have no idea which one I will trade next week, but what I like about them is the price structure, but as always I have to be patient here before I make decision.

On EURUSD we can see a very nice five wave recovery from 1.1300 area into 1.1730/50 resistance where wave A can be done, so with that being said I am interested in longs but after wave B pullback. Corrective wave B usually retraces back to former wave four and at least for 38.2% so I definitely need to see pair trading around 1.1530/50 before I may consider longs. So nothing useful yet, but I have it on my radar screen.

EURUSD 4h Chart


Then next pair that I have it on my list is USDCAD that I would be willing to buy since move down from June highs unfolded in seven swings. But just because I can count complex correction down, it doesn’t means that decline is really completed. As always, I need bullish confirmation, and that would be only if pair breaks above upper trendline resistance. In such case, I would be interested for longs on a pullback.

USDCAD 4h Chart


So, as you might noticed I have two different ideas there for next week; dollar long or dollar short and I have no issues with that since I am tracking this market from a trader’s perspective. Its not about being right; its about trading in the direction of market moves. So if dollar will be strong next week, I am prepared! If dollar falls, I am ready as well! Trading and analyzing is not the same thing, but I cannot imagine trading without making an analyzes first.

Trade well,

GH

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