BoonHooi
Short

AUDCAD big AB=CD Pattern at resistance

FX:AUDCAD   Australian Dollar/Canadian Dollar
a month ago
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.
a month ago
Comment: Oppps maybe not next week but tomorrow : CAD employment data
23 days ago
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)
23 days ago
Comment: Adjusted my stops to be above the weekly channel high at 1.0388
23 days ago
Trade closed: stop reached: Price spiked me out and dropped over 100 pips after that. Down on my luck on this trade.
12 days ago
Comment: Still feeling the pain. It has dropped 400 pips after stopping me out at the highs.
jianwei.fu87
a month ago
What is the timeframe?
Reply
BoonHooi jianwei.fu87
a month ago
Daily AB=CD, probably can see the resistance level better on a weekly chart.
Reply
lbrincat
a month ago
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
a month ago
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
GoldHunter
23 days ago
shorted at 1.03500
Reply
KEH
23 days ago
nicely spotted Ludwig :) hope it is a good trade - (good R:R trade)
Reply
lbrincat
23 days ago
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
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