CAD

Hi Everyone

The Cad has confirmed support at the lower trendline of the wedge detailed earlier. It is late in the trading day and I will wait for a pullback overnight to enter the position. For those of you who have taken the http://www.whichwaytoday.com/ trading workshop the reversal pattern is a 2 bar outside reversal. Its shown above.

The Cad is also showing a classic Elliott pattern. In the other chart above you can see an impulse wave northwards. Within this, there are 5 waves which are quite easy, for once, to see. The market then pulls back in the classic ABC pattern as I have detailed. Those of you who have studied Elliott will see 5 waves within wave A, 3 waves within B and 3 waves in C. This is a very bullish pattern and if successful the target is a long way north. Lets focus on a decent entry tomorrow morning. I shall be looking at m15 and h1 charts for an entry.

Good Trading

David