BoonHooi
Short

AUDCAD big AB=CD Pattern at resistance

FX:AUDCAD   Australian Dollar/Canadian Dollar
This post was inspired by Ibrincat, good eye my friend.

I see a perfect AB=CD pattern completing at 1.0342
This is at a resistance level created by the April             2014 high.
Daily RSI moving up close to the overbought zone

Let's look our for a reversal at those levels. Possibly a trade for next week.
Comment: Oppps maybe not next week but tomorrow : CAD employment data
Trade active: The pair completed the ABCD pattern and dropped. I entered at the retracement at 1.0300 with stops at 1.0368 (68pips). Looking at 1.0188 targets (112pips)
Comment: Adjusted my stops to be above the weekly channel high at 1.0388
Trade closed: stop reached: Price spiked me out and dropped over 100 pips after that. Down on my luck on this trade.
Comment: Still feeling the pain. It has dropped 400 pips after stopping me out at the highs.
Hi BoonHooi,

Same thing happen to me but I think I will try to take it again next week if this week closes with a bearish candle as it looks that it will be the case but we will have to wait and see.

snapshot
Reply
nicely spotted Ludwig :) hope it is a good trade - (good R:R trade)
Reply
shorted at 1.03500
Reply
Hi All,

I think this could be a very good trade I have just discovered a Crab Formation on the Daily chart with the PRZ at the same point of the AB=CD pattern as I am still reading the Harmonic trader book I think this is a good situation where we have multiple patterns with PRZ at the same level.

BoonHooi Please correct me if I am wrong :).

snapshot


Thanks & Regards,
Ludwig
Reply
lbrincat lbrincat
Just to add to the above I have also found an other Crab with PRZ in same area on the 4hr Chart I like this top down approach to the trade kind of gives you multiple confirmations of where is the PRZ.

snapshot


Thanks & Regards,
Ludwig
Reply
What is the timeframe?
Reply
BoonHooi PRO jianwei.fu87
Daily AB=CD, probably can see the resistance level better on a weekly chart.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out