EverythingForex

USDCAD: So You Want To Buy CAD, Huh?

FX:USDCAD   U.S. Dollar/Canadian Dollar
791 5 22
Yes, I know you so much want to BUY CAD and there are several posters here who are screaming BUY! BUY! BUY! And I think everybody and their dog thinks the bottom is in. Well, as I in my previous analysis, I am not in that crowd. In fact, I think this downtrend is not over. No.Still not yet. Listen to others and buy at your own risk. Here's what I think. I just posted a FULL Monthly Analysis on this pair on my website. It's a FREE post so if you have registered, you can go read it. I can't post it all here due to restrictions on post length. So I am only posting a snippet here. To know why I am thinking the way I am, you need to see the bigger picture.

4HR CHART
This 4HR chart of USDCAD             can really shed a good light on why I think buying USDCAD             is premature. The trend isn’t over. Not yet. Prices are still headed lower. Not much lower but lower before we get the REAL end of the trend. Strong trends usually end in a ED or EED             . Because of the overlapping waves present now and the way they are overlapping, this makes me think it is an EED             pattern. That nice big jump up that just occurred? A bull trap. Buy it thinking prices are now poised to head higher, and you will get caught in the trap. I see that jump as just the leg D of the EED             . Prices should be headed back down in the leg E now. And I think that leg E will end somewhere within my second “critical zone”. Near to or at the .886 retrace level. It might even exceed that critical zone a little.

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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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ArAlshammary
6 months ago
i agree with you 100%
this is in down trend only above 1.34 is buy
Reply
Yes.... Not a great place to buy. A new opportunity will come along.
Reply
countingwaves peterdcharlebois
6 months ago
This trade seemed like such a tough call but the upper trendline of the ending diagonal is holding up just fine and the internal structure of the ending diagonal is fits.
Reply
EverythingForex PRO countingwaves
6 months ago
Expanding diagonals are always very tough to trade as the trend lines for the diagonal are not set in stone yet. For the upper TL in a ending expanding diagonal which I think this is, you need 2 touches after the leg A. Which are the leg B and D points. The D point was recently established. Then you need 3 touches for the bottom TL: the A, C and E points. So before we saw that large move up, you could not tell there was a POSSIBLE expanding ending diagonal forming. So now that we have 4 out of the needed 5 touch points, the EED is a much higher possibility. Mind you, it's still not CONFIRMED and is not a completed EED until we have the leg E and the E point. So just like any harmonic pattern, it isn't a valid pattern until it's complete. I'm trading the leg E just as you would trade the CD leg of a POTENTIAL harmonic pattern. High risk but also high reward. Since the leg E of any EED would be the longest leg with the most potential profit.
Reply
peterdcharlebois PRO EverythingForex
6 months ago
I think the pivots at 1.30 and 1.2770 will be most important this week
Reply
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