FullTimeTrader
Short

USCAD-bearish cypher on key level-plan 1

FX:USDCAD   U.S. Dollar / Canadian Dollar
1129 12 17
Sometimes the market moves fast, i had no time to post this before.
No much to say, my long term bias is very bearish on this pair and i want to add positions here or higher.

D1 chart:


Regards.
Comment: first and second target hit, closing all positions
Hello, thanks for comment. I respect other traders ideas but from MY POINT OF VIEW the USDCAD already reached a top (see my elliott wave count below). So i will focus mainly on shorts on USDCAD to catch de big decline.
For me the AUDUSD already bottomed and i will focus mainly on longs. Off course there could be some harmonic patterns (on D1 chart or intraday H4, H1) that could work fine but in think they are short lived. The big trade on AUDUSD is to catch the long term rally. Regards.
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I have a question. You seem to be confident that the usdcad will continue its downward trend after the bearish cypher. However audusd has a similar set up with a gartley. However you believe this pair (audusd) is going through a reversal and not a trend continuation. I am presently short on both pairs and happy about it. By your assessment and other traders whom appear to have much more talent than myself, there is an expectation that audusd will not continue downward. please help me to understand the distinction between these two set ups. thx
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Hello, is the cypher not considered invalidated if c hits the 1.44 extension? or if b hits 0.618?
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hello, the cypher can hit the 1.44 and even spike the 1.61 but no close above them. regards.
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Hello, I already took thi trade based on a Bat pattern on lower time frame setup, but same conclusion. Good luck to you too! ;)
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FullTimeTrader Koryphaeen
Well done, its working fine till now.
+1 Reply
Koryphaeen FullTimeTrader
was not without a little pain ;) almost hit SL.But I would have hedged it anyway at the Cypher entry level. So this must work.
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Nice one!
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I'll join you soon. I'll wait a bit more here.
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