In this technical blog, we are going to take a look at the past performance of USDSGD, 1-Hour Elliott wave Charts that we presented to our members. In which, the cycle from 2018 lows showed a higher high sequence in an impulse structure in higher time frame charts called for more upside to take place. Therefore, our members knew that buying the dips in 3, 7 or 11 swings looking for more upside. We will explain the Elliott wave structure & buying opportunity our members took below:
USDSGD 1 Hour Elliott Wave Chart
USDSGD 1 Hour Elliott Wave Chart from 9/15/2019 Weekend update, in which pair made 3 wave pullback in wave (4). The internals of that pullback unfolded as a zigzag structure where wave A ended at $1.3817 low. Wave B bounce ended at 1.3857 high and wave C was expected to reach 100%-123.6% Fibonacci extension area of A-B at $1.3731-$1.3702 equal legs area. For a potential long side looking for more upside or for 3 wave reaction higher at least.
USDSGD Latest 1 Hour Elliott Wave Chart
Here’s USDSGD 1 Hour Latest Chart from Asia update, showing reaction higher taking place from blue box area at $1.3731-$1.3702. Allowing members to create a risk-free position shortly after taking the long position as pair already bounced to %50 Retracemnt area of a decline from red wave B peak i.e at $1.3785 level. Now as far as it remains above $1.3714 low pair is expected to resume the upside. However, a break above 9/03/2019 peak ( $1.3941) will remain to be seen to confirm the next extension higher.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Free Trial.
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