FullTimeTrader

USDCAD-expecting some reaction soon-cloning technique

FX:USDCAD   U.S. Dollar/Canadian Dollar
808 6 17
Hello friends, this is not a setup, just doing this for research and fun.
Thanks to GcNaif and Nmike for bringing my attention to this cloning technique.
Actually its not new for me, i have used it before succesfully but only by "instinct"
GBPCAD-moving within a channel again


We know price action often likes cloning (wave cloning, AB=CD patterns, bollinger band duplication i often use, etc)

This techique is similar but very simple and useful.
Looking at chart on USDCAD             price history we see the channel duplication worked perfectly before (sky-blue channel).
It still hurts me when i remember i was stopped out by a few pips before price going in my favor 800 pips (ARRGGGGHH!!!!!.....)
USDCAD- a good area to enter long (1.20000)


I remember very clear how difficult was to find an entry point then using another trading systems. This cloning technique would have been more useful and easy.

Im trying to use and test this technique now, we see the price is on clear bullish trend but respecting the base channel, specially the middle points.

Very important: this technique must be used not alone but in confluence with another reasons/trading systems.

I expect some reaction near the levels shown on the chart. My prefered scenario is bearish because i think the price needs a correction.


Lets see what happens.

Best regards.


F
a year ago
snapshot

Hello sir, my scinario is similar that using trend line, and AB=CD target
I'm thinking of slightly deep correction~
Thank you
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FullTimeTrader F
a year ago
Hello, i agree long term the 1.34 level is key:
snapshot
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F F
a year ago
And my logmetic chart, this view is with your number
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F F
a year ago
snapshot
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rv
a year ago
Hi, to add, after the failed Gartley, there is potential Bearish Butterfly, on this strong thrust, extended move. Price reacted at 1.272 Fib extension, but reaction was swallow, indicating strength and there is 1.34 at 1.618 Fib expansion, AB=CD. The Idea is taken from " Trade what you see " by Larry Pesavento. Regards
snapshot
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FullTimeTrader rv
a year ago
thanks for sharing, i specially use the 1.61 fib expansion, it usually coincides with the end of wave 5. Will be watching that level closely.
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