USDCAD Long: structural symmetry and rising wedge
Price repeating structure formed from 2016-06-08 to 2016-08-18 now from 2016-08-18 to 2016-10-XX, filling structure would require USDCAD to rise to 1.3400. Confluence: Respected rising wedge (White) forming double bottom candles retesting it's dynamic support.
Entry: 1.3100-1.3090
Risk: 1.3050-1.3000
Take Profits: 1.3350-1.3400, scale out before then and trail stops to newly established lows
Perfect symmetrical daily structures repeat first 2016-06-08 second 2016-08-18. Symmetry predicts a rise: Supported by respected rising wedge white, triangle breakout red, look for price to rise and test orange/blue daily channel top and established white trendline dynamic resistance. Bearish breakout predicted after rise to 1.3300-1.3400 levels down to 1.3000. Rally in crude bull pressure on CAD, this long is invalidated with two high TF candles breaking and closing below the rising wedge structure where even with a bearish break price could keep rising to retest that broken wedge's bottom bound, continuing to rise.
Entry: 1.3100-1.3090
Risk: 1.3050-1.3000
Take Profits: 1.3350-1.3400, scale out before then and trail stops to newly established lows
Perfect symmetrical daily structures repeat first 2016-06-08 second 2016-08-18. Symmetry predicts a rise: Supported by respected rising wedge white, triangle breakout red, look for price to rise and test orange/blue daily channel top and established white trendline dynamic resistance. Bearish breakout predicted after rise to 1.3300-1.3400 levels down to 1.3000. Rally in crude bull pressure on CAD, this long is invalidated with two high TF candles breaking and closing below the rising wedge structure where even with a bearish break price could keep rising to retest that broken wedge's bottom bound, continuing to rise.