CapMoore

Trading Idea of playing the completed ABCD161 pattern

FX:USDCAD   U.S. Dollar / Canadian Dollar
72 1 1
Since 3rd July price has made a complete ABCD161 wave,
by a fast CD leg, directly piercing the D level and reaching the
127 extension at 1,0925. Then price retested the D level
and made two failed attempts and on the 3rd broke higher
to reach the 161 extension of the CD leg at 1,0985. Turned
on the pip. Now a double top is in place but PA still seems
bullish with higher lows even if the 2nd top was slightly lower
than the first (important). One scenario is to see the price
complete the whole wave with a move to the Mini-target
of the whole ABCD161 pattern at 1,0845. To play on this,
weakness should be sold on this current bounce. If price reach
Daily S1 and giving a sell signal there, it would be ideal,
or if the current move above Daily PP fails and price returns
below it and takes out 1,0915, creating a lower high and
a lower low. Target levels 1,0845/1,0817/1,0760. A taking out
of Daily R1 increase bullish prospects.Note that PA around
127extension and the current around 161extension is identical,
which should cause some concern for bears.
Short from 1,0941
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