Oztrade
Short

POTENTIAL USDCAD BEAR CYPHER - ADVANCED PATTERN FIB CONFLUENCE

FX:USDCAD   U.S. Dollar/Canadian Dollar
140 4 7
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.
Oztrade
a year ago
I have chosen a higher entry on this chart 88.6% from the highest structure point
Reply
Oztrade
a year ago
With this trade I took the entry higher as mentioned - we have had a break and close above previous structure which generally indicates price will increase, lets see if we can get a retrace back to our Target 1 so we can protect our second position with the stop at our entry level.
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Oztrade
a year ago
So we have just hit Target 1 for our change in this pattern - for +47 Target 2 we are looking at the 129179 area. Stops moved down to B.E
Reply
Oztrade Oztrade
a year ago
I chose to use the highest Structure Point and the 88.6% entry for another signal that I had after posting this chart - and looks to be well worth taking this because initial Cypher was invalid
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