USDCAD waiting for break out and consolidation.

FX:USDCAD   U.S. Dollar/Canadian Dollar
1451 18 87
I am in this trade so i'll be watching for the BIG move to come .

Like and comment .
Training : add to skype mangal457
This is fighting with weekly support now... i think will go up until pivot and after down
+1 Reply
anilmangal PRO FernandoMartini
I have no clue, what support or pivot you are talking about ,but thanks for sharing . Please attach a chart to show what you mean next time it will help.
+3 Reply
@Fernando i'm also watching if it will break the weekly S1
Broken weekly S1... then down :D
but its a down trend. the least it can do is to retrace to the pivot and then rally down
Nice setup, I have a bearish butterfly on the daily confirming the move down.
I am in a trade for a corrective move up for the moment, waiting for confirmation to enter a short trade according to your setup and harmonic pattern.

I see you drew the horizontal blue line around the 38% fib of the last big move down (which broke the trendline). Would you say price will likely not retrace very high with such a bearish picture and posible retracement will most probably not go much higher than that level?

Took 63 pips on the correction to 38% fib ret. Price is now up to 61.8 fib ret. Seems like a nice entry for the short, I am going to take it since I have confirmation from a bearish pattern on the 15M chart.
Hey man, can you please check on the 1HR USDCAD chart to verify if what i drew was a really a bearish bat pattern. Im still in the learning process of drawing this pattern. please man, thanks
KVE DirtyBoss
Hi, I have additional bearish gartley on 30M but no confirmed patterns on 1H charts... but I'm still quite new to harmonic patterns myself...
Bearish picture on bigger timeframes but price could easily retest highs or even go to new highs and invalidate current patterns.
Currently we are back above the trendline so I'm cautious now. Therefor I'm trading with wide SL and TP and only 1/10 of my regular trade size since I want to catch the big move when or if it comes.
I additionally will try to catch some moves on smaller timeframes.
Anil , no consolidation now and the pair is up now. What do you think ?
Still in short. Any advice Anil?
still looks like more down after this consolidation
+4 Reply
IvanLabrie PRO anilmangal
I don't think it'll last long though.
Maybe by tomorrow's NY session it shoots up again.
+2 Reply
TaryanaTatang IvanLabrie
milehk IvanLabrie
is it shoots up agains after poor us retails sale data?
Anil can tell you that news don't matter...they might create volatility, but the direction comes from the chart more often than not.
+2 Reply
SitoRoman IvanLabrie
With due respect to others' views.. Yes! News are for me definitly not a unbeatable rule, that type of strategy based on News is supceptible to be fail, much more in times where Geopolitical interest are sensible, for example last month on Greece everyday tragedia... that shows why little situations were supceptible to be manipulated or faked to generate volatility.. so at the end the price go in the wrong direcction even though clearly News... an analogy: in calm water when you throw an object there make noise first on the surface... but at the follow second you already can recognize waves patterns...Universal and natural laws, motion and proportion does not need our single human point of view at all ... at the end they return always to their natural path.. thats is for me the way to understand the im/perfecction apply on the markets... Volatilty Index, Psy and Swarm intelligence...
+1 Reply
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