EverythingForex

TRADE USDCAD: SELL@1.33900 Retest Of Highs + Cypher

FX:USDCAD   U.S. Dollar/Canadian Dollar
1551 5 29
In my previous analysis on this pair, I had hinted that this pair was posed for a fall coming. I also had said that this pair was retesting its' highs. It has done exactly that so far. A month ago, I had said that this pair was going to retest its' highs. Now we are here.

I issued a sell call to my members earlier today to sell@1.33900. Prices has since fallen somewhat. I'm looking for it to keep falling. Obviously, the stops on this pair will go somewhere above the highs set back on sep. 29th.

WAVE COUNT
I have the wave 5 of (b) completed now. What I'm looking for now is for this pair to POSSIBLY take a nosedive in a deep fall in a wave (c). Wave (c) should be unfolding in 5 waves.

PATTERNS
There are several patterns here that are in play. First, I think what catches the eye would be the POTENTIAL Cypher (blue). The C point is possibly set now. If you look to the left, I have also marked that there was a COMPLETED Gartley . This was a 61.8-78.6 Gartley and not a perfect Gartley . The other pattern that I see MAY BE possibly in play is an expanding triangle pattern . It's WAY TOO EARLY to say for sure that this expanding triangle is valid but I'm projecting it anyway.

MY TRADE PLAN
Already SHORT on this pair. I will be holding this SHORT from here for the LONG TERM. I think there is a LONG WAY DOWN to go. It's a low risk compared to the possible reward.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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comorex
a year ago
r u sure usdcad going down soon?
Reply
EverythingForex PRO comorex
a year ago
nobody can tell you 100% sure. But is it worth the risk? That is the question you must answer. Since I am already SHORT, it's worth the risk to me. When you take ANY trade, you are doing it balancing risk vs reward. Not because you are SURE it will go up or down. Because you cannot ever be SURE.
+3 Reply
comorex EverythingForex
a year ago
yap u r right no one can tell 100% and i already took a risk to short and risk is better then nothing
Reply
Koryphaeen PRO
a year ago
I have the same short feeling, yet from another point of view. I got filled already, so good luck to you too!
snapshot
Reply
EverythingForex PRO Koryphaeen
a year ago
GL to you as well.
Reply
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