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EURCAD Elliott Wave Analysis

Daytrader21 Posted 15 Aug. as Analysis on EUR/CAD, Target: 1.4244, Date: 1st of October, 12:00 GMT  in #Technical analysis #EUR/CAD #Elliott Wave #Wxy Pattern
Based on the Elliott Wave count we can tell that EUR/CAD is at the beginning of resuming its long term downtrend. On a weekly chart we can discern an WXY pattern which can be subdivided into wxy patterns of smaller degree. Right now we're testing an historical level 1.4500 which has provided good resistance in the last few years.
Major Levels to watch:
  • 1.4500 Big round number and psychological number, Resistance level;
…
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Daytrader21 28 Aug.

Update 1: The market has experienced a violent rally that can put in place a major high as usually at market turns the volatility is the greatest. We need the big round number 1.5000 to hold as resistance if this holds we can still see further downside

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EUR/CAD Elliott Wave Analysis

Daytrader21 Posted 14 June as Analysis on EUR/CAD, Target: 1.4383, Date: 3rd of August, 12:00 GMT  in #Technical analysis #EUR/CAD #Elliott Wave #Cycle #Seasonality
EUR/CAD has been trading to the downside since beginning of the last year when we put in place the major swing high at 1.5600. Based on Elliott Wave cycle we're in the last stage of this sell of, as currently the market has completed a 5 wave sequence. Each impulsive wave is composed by another 5 wave of smaller degree and we can count this wave both in wave III and now in wave V. Right now the current low at big figure 1.3000 has market the low and the final point of this down cycle. Right now …
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Daytrader21 15 July

Update 4: As expect the market found some support at the big round number and the fact that we could break below it suggest that the market is ready to resume upwards. The next level of resistance is at mid figure 1.4150 we need a close above this level for further upside momentum

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Daytrader21 26 July

Update 6: Wave C is almost completed and this past week we almost touched our target of 1.4383. We can still see another test of the 1h support at 1.4245 before to see another push higher. Basically I'm expecting an consolidation top here

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Daytrader21 1 Aug.

Update 7: Right now as I'm writing this update we're only 6 pips away from my forecast. But since the 1.4340 level is a strong pivot zone which has acted both as support and resistance level we should expect now this level to act as support and we can also see price hovering around this levels on Monday. I see another retest of 1.4340 than another push higher towards 1.4380 during the London session.

WallStreet6 avatar
WallStreet6 1 Aug.

I really have to study your analysis. I also use Elliot's waves, but never come so close:) Great job and just hope the price doesn't mmove away too much on Monday:) Good Luck!

Mariia avatar
Mariia 2 Aug.

Thanks Daytrader21 !well done

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EUR/CAD Longs Stopped Out

Daytrader21 Posted 12 June  in #Trader's blog #EUR/CAD #Seasonality
Despite taking some losses on EUR/CAD from Wednesday's trades, yesterday I was still trying to get long EUR/CAD and got burned again. However since than I've changed my opinion on this pair and I think there is room for another leg lower before going up again. And yesterday I tried to go short as well but unfortunately my timing was so awful I ended up getting stooped out. Cumulative losses from all my long attempt have been eating from my account balance quite a lot, as I had more than -100 pip…
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EUR/CAD -72 Pips Loss. Trade Explanation

Daytrader21 Posted 11 June  in #Trader's blog #EUR/CAD #Seasonality #CAD Dollar
Unfortunately yesterday after a series of good trades I took a loss on EUR/CAD. I tried 2 times to go long but I was forced to close the trade at a loss because of the market action. The reason why my timing was wrong is because the CAD dollar has a strong seasonality pattern during the first part of Jun which I overlooked. EUR/CAD has just broke outside some consolidation pattern and if we project that range to the upside we get a target of 1.4500. Timing remains key with this cross pair as it …
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Stix avatar
Stix 11 June

I did something similar the other day. Standard set-up, should have been a simple trade but it failed. On the second attempt, I checked Monthly set-up technicals but if I had done full analysis that morning, I would have seen it immediately. We will learn ! Hahaha ! Best wishes. :) :)

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Daytrader21 11 June

Stix Unfortunately I tried today for several times to go long again but it didn't ended well:). Silly me as I was stubborn and had no flexibility whatsoever and it cost me several pips again.

Stix avatar
Stix 11 June

I think a long is right but I think one has to be patient still here, instead of a lack of flexibility, if I might. I like a 1.3760 entry-ish for now, so possibly waiting for one more wave short. It depends on the technicals at the time of the price but that's what I like for now. :) :)

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Daytrader21 11 June

There is a strong CAD seasonality pattern during this time of the year, and it has the tendencies to top at the end of Jun, so time wise it will be best to wait until that pattern unfolds as it will help the long side of eurcad

Stix avatar
Stix 11 June

Thanks... I haven't traded for long enough to formulate a picture of all the trends, particularly the higher level ones. Much appreciated. :) :)

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EUR/CAD Elliott Wave Count

Daytrader21 Posted 15 Apr. as Analysis on EUR/CAD, Target: 1.3082, Date: 1st of June, 12:00 GMT  in #Technical analysis #Consolidation #Impulsive Wave #EUR/CAD #Elliottwave
EUR/CAD has been trading to the downside since beginning of the last year when we put in place the major swing high at 1.5600. Based on Elliott Wave cycle we're in the last stage of this sell of, as currently the market is developing of 3 of V. Each impulsive wave is composed by another 5 wave of smaller degree and we can count this wave both in wave III and now in wave V. Expecting wave 3 of V to end at 1.2900 or 1.300 big round number before to see a minor retracement or at least some conso…
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Daytrader21 18 Apr.

Update 1: I think wave 3 of V has just completed and with the daily bearish outside bar posted on Friday, we can see a retest of 1.3400 (see red line Figure 2) to complete wave 4 of V. Support for next week should be at previous week's low 1.300 big round number.

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Daytrader21 2 May

Update 2: Wave number 4 of V is completed and 1.3600 should be the top. First we need a break and a close below the big round number 1.3500 for further downside movement. Right now we're in the final stage before the Elliott Wave sequence is completed. We need one more low below the big round number 1.3000

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Daytrader21 9 May

Update 3. As expect it seems that the 1.3600 level is now a swing high in place after a second rejection of that level. However we need a break below 1.3400 the most recent swing point in order to expect more downside pressure. Resistance stands at 1.3600-1.3550 price should be trading lower from around this levels

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Daytrader21 15 May

Update 4: Right now the market is in a wide range between 1.3700 resistance level and 1.3400 support level, we need a break and a daily close below that support level for the market to gain more downside momentum.

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Trade Pattern Idea: EUR/CAD Uptrend Intact

Daytrader21  in #Technical analysis #Trader's blog #Consolidation #EUR/CAD #Uptrend
Recently I've made this prediction in the Technical Contest which I want to share it here as well, you can find that post here: EUR/CAD Uptrend Intact
EUR/CAD is following the path of USD/CAD which confirms that the current bullish trend will have more upside legs. In Figure 1 we can have a look at the bigger time frame the Weekly chart which shows us a clear up tre…
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EUR/CAD Uptrend Intact

Daytrader21 Posted 15 Feb. as Analysis on EUR/CAD, Target: 1.5220, Date: 1st of April, 12:00 GMT  in #Technical analysis #Price Action #Consolidation #EUR/CAD #Uptrend
EUR/CAD is following the path of USD/CAD which confirms that the current bullish trend will have more upside legs. In Figure 1 we can have a look at the bigger time frame the Weekly chart which shows us a clear up trend and the fact that we have just broke away from a multi year consolidation
  • Figure 1. EUR/CAD Long Term View (Click on the picture to enlarge).
In Figure 2 we can have a look into the more recent price action. As the trend develop itself we need this periods of consolidations like t…
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Daytrader21 14 Mar.

Update 2: The range have been extended to the upside until big round number 1.5500 which has provided a good resistance level and should cap any upside movement. To the downside we still have as support the 1.5100 level. Based on elliot wave we have formed a raising wedge which must complete a 5 wave sequence, so far we have made only 2 waves so we should expect further consolidationhere

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Daytrader21 23 Mar.

Update 3: After a false breakout above 1.5500 where many stops were tripped we should see now EURCAD moving down and close near to our target. Strong support lay down at 1.5300 right near our target and we need a close below that level.

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Daytrader21 30 Mar.

Update 4: As per my last update we indeed broke and close below 1.5300 support level and momentum start accelerating to the downside and we even reached our target at 1.5220. After this big impulsive movement market should take a pause and see some type of consolidation between 1.5240 resistance level and 1.5160

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Metal_Mind 31 Mar.

Very good analysis buddy!

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Daytrader21 31 Mar.

As I'm writing this update we're only 2 pips away from my target of 1.5220 and we're only few hours ahead of the deadline. Next support is at previous day low at 1.5170 and resistance is previous day high at 1.5260

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