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UPDATE #1: ANALYSIS: USDCAD - Time to Retrace? Or Continue Trend

FX:USDCAD   U.S. Dollar / Canadian Dollar
105 4 2
UPDATE #1:

Price action has pretty much done EXACTLY what I predicted it would do (see my previous post in Related Ideas).

Though prices have not reached the original bearish bat I had posted previously (green), I did already take a SHORT position by way of a ".786 Trade" technique. Of course, prices can still turn back up to fill that bat but now I am hoping it doesn't since I am already SHORT!

After further examining the price action, there was also another bearish bat that was found on the 5M TF that I didn't post before as I rarely venture down to the 5M TF. But nonetheless, it is a valid bat (purple one). Prices did hit that bat though.

Below chart is a little bit more on the ".786 Trade" and also what I am expecting out of this pair.

If anyone wants to know more about the ".786 Trade" technique, let me know.
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I think it's also known as a Noble Entry.
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Some call it the Noble entry. Vic Noble was one of the first guys that put fib ratios to support/resistance trading. And yes, I took his course as well. He never named it the "Noble Entry" though. It was one of his students that first started calling it that in his trading room and then he started calling it that for lack of a better name. And really, only his students continue to call it that. So by any other name, you can call it "the Noble entry" if you prefer. I use that method in conjunction with harmonics trading and not as a pure support/resistance trade as in the Noble entry though.

Personally, I don't like to trade purely on S/R as the way Vic taught it. Pure support/resistance trades don't have anywhere as good a winning percentage as harmonics. I'm not wanting to start any kind of argument as to the effectiveness of support/resistance lines and S/R trading (as another highly regarded trader here who completely dismisses it does) but S/R lines are similar to trend lines in that it's exact location is left up to too much individual interpretation to be that effective.
+1 Reply
Hello, EverythingFx! Yeah, could you tell what is this technique about?
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I'll do a post on it when I get a chance.
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