POTENTIAL USDCAD BEAR CYPHER - ADVANCED PATTERN FIB CONFLUENCE
Hi All, hope you had a great week this week in trading. I wanted to get this out before next week.
Here we have a potential shorting opportunity on USDCAD, presenting us with a higher probable trade.
We have the following which provides us with more than just an advanced pattern.
1. Cypher Pattern
2. Previous Resistance at the BAT B leg which is close to our 61.8% Level
3. Previous Support Level which we would hope would become resistance support right inline with the 78.6%
4. 78.6% Retrace From X to C Move
5. 61.8% Retrace From the High structure point to the low Structure Point
6. If these break we have the X leg Resistance which we hope would remain resistance if reached
7. Another resistance level which I have put stops just above the 113% to clear this structure point
8. Fibonacci Confluence being the 78.6% and 61.8% as mentioned in 4 and 5
9. Bearish Pair at present
So this presents us with a pretty good case or reason for entry if price gets there.
I have also drawn another green arrow if we hit this pattern and all targets, I would hope to see this Pair Climb and it will present us with another Pattern, if price hits 78.6% and Drop we could have a BAT pattern form, if we hit the 61.8% then we may see a Gartley.
I will continue to monitor this pair and publish anything I find through next week.
As always Stops Entries Targets
Green Entry - just below 78.6% to ensure we get filled
Red Stops above X Leg
Blue - Target 1 38.2% and Target 2 61.8% - Retrace from C to D move - targets to be adjusted on D completion
If price closes beyond 1.414% Fib Extension or Price level 1.28119 at the C leg of this Cypher the pattern is invalid
Depending on what happens next week if you take the X to C move here we could have a BAT Pattern form as well, we would use the current Cypher X to C as the X to A move for the Bat and this would be great having Advanced Pattern Cluster
Good luck next week and have a great weekend.
Here we have a potential shorting opportunity on USDCAD, presenting us with a higher probable trade.
We have the following which provides us with more than just an advanced pattern.
1. Cypher Pattern
2. Previous Resistance at the BAT B leg which is close to our 61.8% Level
3. Previous Support Level which we would hope would become resistance support right inline with the 78.6%
4. 78.6% Retrace From X to C Move
5. 61.8% Retrace From the High structure point to the low Structure Point
6. If these break we have the X leg Resistance which we hope would remain resistance if reached
7. Another resistance level which I have put stops just above the 113% to clear this structure point
8. Fibonacci Confluence being the 78.6% and 61.8% as mentioned in 4 and 5
9. Bearish Pair at present
So this presents us with a pretty good case or reason for entry if price gets there.
I have also drawn another green arrow if we hit this pattern and all targets, I would hope to see this Pair Climb and it will present us with another Pattern, if price hits 78.6% and Drop we could have a BAT pattern form, if we hit the 61.8% then we may see a Gartley.
I will continue to monitor this pair and publish anything I find through next week.
As always Stops Entries Targets
Green Entry - just below 78.6% to ensure we get filled
Red Stops above X Leg
Blue - Target 1 38.2% and Target 2 61.8% - Retrace from C to D move - targets to be adjusted on D completion
If price closes beyond 1.414% Fib Extension or Price level 1.28119 at the C leg of this Cypher the pattern is invalid
Depending on what happens next week if you take the X to C move here we could have a BAT Pattern form as well, we would use the current Cypher X to C as the X to A move for the Bat and this would be great having Advanced Pattern Cluster
Good luck next week and have a great weekend.