pavan15589
Short

USDCAD - Short as the ABCD completes

FX:USDCAD   U.S. Dollar/Canadian Dollar
Three aspects that gives a short signal on the pair.

The first being the pair completes a full AB=CD pattern with giving a short signal to catch a good number of pips on the retracement back to .382 or probably even .5 of CD.
Second to back the short signal is the price has just hit the resistance on the daily chart evidencing a neat rebound of the level.
Third is the price action. As we concentrate on the impulse moves, each impulse move has gotten weaker than the previous with the counter trend players pushing the price deeper against the main trend on every retracement. This is observed on the second impulse move where the pair moved up strongly and was pulled back down as strongly threatening a hundred percent retracement.

A short on the pair with targets at .382 and .50 of CD with stops above D gives a good risk to reward ratio.
Good Analysis. I am currently short the USD/CAD also. I am usually a little early but I have learned to trade this way. The NFPs this past Friday made this pair a little more volatile. Still believe this is a good short trade.
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Thank You... :) I do still need to rethink my stops when planning the trade out, overtly conservative.... But I did wait until I got the confirmation and took out my profit too, usually I let go of a few pips take an intentional delayed entry so by just a few pips..... And yes, I am waiting for a good spot too for a short, again....And again, thank you for your comment....:)
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