On the USD.CAD 1hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 1.3029 & 1.2980 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets back into 1.3180 Stop loss would be placed below X leg structure support .
Target 1 - 1.3099 Target 2 - 1.3141
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D leg completion at 1.3029
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Target 1 attained if you entered at 1.3029
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We now need to see a break of 1.3100 to confirm direction.
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Consolidation period underway, expecting a breakout to the upside today/tomorrow.
I do also have a setup right here. Nice confluence around that zone.
UnknownUnicorn180388
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@madi052893trading, Very nice setup.
TheForexSamurai
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@tomhall, Thank you and same as you. Good luck on us! :)
SharkbaitAl
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@madi052893trading, I have the same set-up, your chart looks way nice though lol. @tomhall thanks for sharing your set-up and for your timely update this morning. It's nice when these ideas come complete in same spot. Good luck to all of us.
UnknownUnicorn180388
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@SharkbaitAl, Thanks very much for the message, it's much appreciated.
TheForexSamurai
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@SharkbaitAl, Thank you mate. The more confluence we got its more and much better. Good luck!
zhuxudongalex
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I guess when USDCAD reaches 1.3020-1.2997 range, I also want to observe USDJPY's Price reaction, cause it will have a big support level at around 113.12, I am watching them, I may just get in UC. its movement is more clear.
UnknownUnicorn180388
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@zhuxudongalex, It's a great approach to have if you don't want too much exposure to 1 currency at one time, see how it plays out and which has more confluence for your rules.
Have a good day.
zhuxudongalex
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Thank you for sharing, now we may be looking for retracement to 1.3050 area to get another long entry, target will still be 1.3140