USD/CAD: Short based on Andrews TEST!!
This is a TEST, playing with Andrews Pitchfork technique...
This is also based on my belief that the trendline tested on October 15th will be broken and PA might be drawn to the lower trendline. We also made a lower low and possibly a lower high (not confirmed until we move below the lower low) so downtrend may continue. It is also in line with my longer-term bearish feeling.
3 possible trades on chart, SL above possible resistance and last highs. Targets are:
- TP1 above higher- and lower Pitchfork cross
- TP2 above where a possible harmonic move would end (blue lines)
- TP3 at the lower trendline (not fixed)
I will trade this TEST for sure, I'm already in actually...
If you want to base a trade on this then keep in mind I'm not at all an expert on this and am just playing around with it... The bigger Pitchfork's left ref. point was chosen in confluence with a trendline/channel that can be drawn between the last highs and the Pitchfork upper 1.0 line (other possibility is shifting the left ref. point to the right where the low was tested which gives another angle!!).
If anyone knows more about this technique then please let me know if I did it right or not...!!
This is also based on my belief that the trendline tested on October 15th will be broken and PA might be drawn to the lower trendline. We also made a lower low and possibly a lower high (not confirmed until we move below the lower low) so downtrend may continue. It is also in line with my longer-term bearish feeling.
3 possible trades on chart, SL above possible resistance and last highs. Targets are:
- TP1 above higher- and lower Pitchfork cross
- TP2 above where a possible harmonic move would end (blue lines)
- TP3 at the lower trendline (not fixed)
I will trade this TEST for sure, I'm already in actually...
If you want to base a trade on this then keep in mind I'm not at all an expert on this and am just playing around with it... The bigger Pitchfork's left ref. point was chosen in confluence with a trendline/channel that can be drawn between the last highs and the Pitchfork upper 1.0 line (other possibility is shifting the left ref. point to the right where the low was tested which gives another angle!!).
If anyone knows more about this technique then please let me know if I did it right or not...!!
Trade closed: stop reached:
Test didn't work ;-)
