On the AUDCAD we can see we had a very nice Pro-Trading System (PTS) buy signal on the 28th of October at 9293.55. Price continued to go higher without hitting our stop; 9265.17. We reached PTS target number 1 and 2 in a short period of time. This second PTS target was around a previous pivot high (26th of September), which acted as resistance underneath price on the 12th of November.
With this impulsive move up (wave 3) after a corrective move (wave 2) down, we are still pushing higher. This provides us with higher highs and higher lows. After such an impulsive move which is our wave 3, we are expecting another corrective move as we now have moving averages underneath price. This will act as support to “stop” price from going lower. This retracement is expected to go down to previous support areas, which is marked as our Wave 4 potential.
Our PTS system has plotted a target number 3 at 9715.59, which is very nicely aligned with the potential end of our wave formation structure, marked as Wave 5.
We can clearly see that the angle of the Moving Averages are starting to show a nice 45-degree angle. This provides more confidence that more upside potential to reach that PTS target number 3 is certainly on the cards for this currency pair.
If you’re looking to step into the world of online trading, we’d like to help. We offer both courses and mentoring opportunities to help you trade with skill and confidence. Come along to our free* Learn to Trade Live one-day course on Saturday 1st December in London, to really get your foot in the door!
*You will pay a £50 refundable deposit to secure your space for the course, which will be refunded the following working day after you attend.
What Is The Mighty Momentum Trigger Trading Strategy?One of my favourite and go to strategies for day trading the markets is the Momentum Trigger. Its simplicity and process make it truly 'mighty' for any trader that is struggling to make a profit. A simple...
As many seasoned traders know, events in the financial markets are correlated and blend together. Some traders choose only to trade certain markets (like Forex) and miss opportunities in other asset classes. This could mean that as a trader or investor, you are...
Trading is something many people aspire to do, yet not everyone is successful at. As with many things in life, to become successful it is best to learn from those who have already walked the path you’re venturing down and can pass on valuable insight. One of the best...