On December 31 2024 we called for USDCAD to make another move higher and showed our members the Elliott Wave bullish scenario. The wave count below signalled to our members that the pair would move higher during the trading week into 2025.
USDCAD 1 Hour Midday Update December 31 2024
The Elliott Wave count confirmed other bullish patterns that already triggered BUYS by signalling traders to hold the buy position for a continuation move higher. The chart below clearly shows a bullish Gartley pattern (Blue) and a bullish AB=CD pattern with a bullish divergence pattern (Red) signalling that the pair would reverse higher. I squeezed the trigger and bought when price pushed back higher above the XA 0.786 level and above the AB=CD level which eventually broke above the CHoCH (Change of Character) confirming buyers were in control. All these bullish patterns combined with our bullish Elliott Wave count calling for continuation higher was enough for me to BUY USDCAD and hold the trade to the proposed targets with confidence.
USDCAD 1 Hour Chart December 31 2024
Chart above was posted on social media @AidanFX
USDCAD 1 Hour Chart January 3 2025
Entered the BUY (Green) trade December 31 2024 at 1.4358 with a 24 pip stop loss at 1.4334. USDCAD continues higher and the 1:4 Risk to Reward target hits at 1.4454 where I closed the buy trade for +96 pips +4% 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. If you followed me on social media you too could have caught the USDCAD move higher.
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
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
Back