January 14 2025 we called for USDCAD to make another move higher to terminate wave ((b)). In the Elliott Wave count below we advised our members that the pair would push higher first followed by another extension lower.
USDCAD Asia Update January 14 2025
Based on the Elliott Wave chart above, I was only looking for buys in the short term. Below is the setup I used to catch the wave ((b)) push higher.
USDCAD 5 Minute Chart January 14 2025
Entered the BUY trade at 1.4365 when price tapped into the 15 Minute FVG (Light Blue) with a 12 pip tight stop loss at 1.4353 and 1:3RR Target at 1.4401. USDCAD bounces higher and the 1:3RR Target at 1.4401 hits where I closed the buy trade for +36 pips and a +3% gain (Risking 1% on every trade).
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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