glennmercer
Short

Short USDCAD: Wolfe Wave + Crab + Long OIL

FX:USDCAD   U.S. Dollar/Canadian Dollar
a year ago
USDCAD             may potentially complete a bearish crab pattern in the reversal zone of a bearish Wolfe wave setup. The Wolfe wave target line is confluent with the 50% retracement of the 2-5 impulse in addition to the XA terminus. To add to bearish bias, crude is nearing the completion of a series of bullish patterns (see related ideas). SL is placed at the 1.13 retracement of the crab XA leg with target at the Wolfe wave target line.

Confluence in the PRZ:
  • Bearish crab pattern completion
  • 1.786AB=CD completion
  • 3.5BC projection
  • Bearish Wolfe wave setup

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Bullish Crude Setup:
Long USOIL: Wolfe + Shark + December Pivot
a year ago
Trade active
a year ago
Comment:
snapshot


NOTE: USDCAD currently trading at the Wolfe Wave 2-4 parallel extension.
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jhakas
a year ago
Hi, what short term tp. you are looking at short side? I think we will get some retracement after big tp. taken out at round figure 1.40..
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glennmercer PRO jhakas
a year ago
Yes I agree we may see some resistance around the psychological 1.4000 level. Near term short TP after that, I'll be focusing on the support around 1.35. Thanks for your input
Reply
jhakas glennmercer
a year ago
on friday it created another bullish pattern... so i think we might go 1.406 and high... and from there down... but i dont see hard down.. i think has great potential to go even more high.. as i see oil close to 28.. oil can get jump from 32... but the thing is it is still in bear seasonal months.. till march or end of feb. i see ucad on rise and oil on fall...
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ccake28
a year ago
Hi.. I saw 1.40936 highlighted in your usdcad chart. Is it your stop loss level?
Reply
glennmercer PRO ccake28
a year ago
Hi ccake, yes that is the SL level
Reply
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