EverythingForex

ANALYSIS: USDCAD: 2 Bearish Gartley's Point The Way Down

FX:USDCAD   U.S. Dollar/Canadian Dollar
6 days ago, I published a potential Gartley developing.
USDCAD 1 Gartley and 1 Cypher with Bullish Morning Star pattern

Now here we are. Prices have ALMOST reached the Gartley I had mentioned in the previous post. ALMOST because prices have not reached the D point of the .786 Gartley at 1.26380 yet.(the high of current PA is 1.26322). So DON'T jump the gun! This Gartley is not yet completed.

The Gartley I posted is a .786 Gartley (blue). However, someone else (see Akil's post under "Related Ideas" ) posted another Gartley (a 1.272 Gartley ) that makes more sense. So I have published both Gartley's here. The 1.272 Gartley (also can be called a .886 Gartley ) if filled would also contain a AB=CD harmonic pattern (as pointed out by another poster here, Ivan Labrie).

WAVE COUNT ANALYSIS

By my wave count, we are in the wave C of the larger ABC corrective wave 2. The wave 2 is part of a larger 5 wave impulse leg down.
snapshot

Within the wave C where we are now, by my count we are in wave (iv) of 5 waves up. For the short-term, question is...when and where will wave (iv) down end and wave (v) up begin?
snapshot

CONCLUSION: For now, I am on the sidelines waiting to see how thing unfold. Most likely, prices are still heading down more in wave (iv). After wave (iv) has concluded, I'll see if there is a good reason to take a long position to catch wave (v) up which would be a good trend trade. Then prices have reached the .786 Gartley D point, I'll wait to see how prices react and either take a short position or wait for the 1.272 Gartley to fill.
NEW! Trade Profit Guarantee! Our trade recommendations guaranteed to be profitable! For details, go here: http://bit.ly/2zHramR
Performance Summary & Public Trade Log: http://bit.ly/29AeqnC
Want results like this? Subscribe here: http://bit.ly/29x4bfM
is it time to entering short ?
Reply
EverythingForex PRO farid_ardavani
I'm not issuing any trade signals here. Just posting my thoughts. See my most recent post on this pair. I can only tell you that I am already short on this pair. You must trade according to what you are able to risk according to the S/L for this pair. Remember, this is a DAILY Gartley so the PRZ and S/L are very large!
USDCAD: So, You Wanna Go SHORT?  B4 You Do, You Should Know...
Reply
farid_ardavani EverythingForex
yes and there are some clues on 4HR time frame
Reply
farid_ardavani farid_ardavani
short because of divergence and pattern completion
Reply
USDCAD Fibonacci harmonic
for you my friend :)
Reply
Not sure what you are trying to point out to me......
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out