Usdcad in a Complex correction ~ forex grid trading ea review
On tuesday, 11th November, I posted an analysis of this pair and I stated the reason why price is on a bearish correction.
The move form 26th July has successfully completed a 3-wave or 5-wave impulsive move, and we are expecting and end of wave 5 or wave 4 correction.
In either case, there is a correction and the market is expected to dip to the region of 1.1215 and 1.1140 ( 38.2 and 50 % retracement of wave 3 respectively)
Before the close of
yesterday, we saw wave 4 forming a complex correction ( double zig zag) breaking 1.1370 intra day resistance ( check the intraday chart below ) , and immediately pull back to expectedly continue the dip.
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Price has previously moved down in my favour to take 90pips but no profit was taken as price hasnt dipped to any of my targets yet.
I still hold my sell with stop loss reduced from 95 pips to 40 pips. we should see more action next week. Its time to enjoy the weekend
I will update you as price advances.
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