Today I asked myself, is it a coincidence that there is a Potential forming on the EURUSD , a potential pattern forming on USDCAD and a potential pattern on AUDUSD? What is correlation trying to tell me ? USD being the common currency in these pairs, if USD is to gain strength or weaken, there must be at least a reflection is these pairs unless they are both strong or weak, in that case they would be ranging.
Okay enough correlation. So the reasons this trade interest me are:
1. Of course a potential pattern
2 . A potential .
3 . Oversold.
4. Fib Ratio confluence.
5. Finally, at least a potential 1:1.5 risk : reward, and using correlation shooting for potential higher targets.