EverythingForex
Short

UPDATE #2:USDCAD: Overall Bullish BUT NOT NOW + 2 Bearish Sharks

FX:USDCAD   U.S. Dollar/Canadian Dollar
In my last update on this pair, PA have retraced back up and have closed beyond the X point of the cypher pattern invalidating it. In it's place, there are 2 POTENTIAL bearish shark patterns waiting to be filled with one of them nearing to being filled.

The closer one (grey/pink) one has a termination point that is still under the most recent highs (1.30673) and just above the MAJOR SR Structure. Having already violated this structure, price can easily violate it again. But if it does fill this shark and does not break above the PRZ by closing above it, then there is a potential for a double top to form. This double top could send prices tumbling back down if formed.

However, if prices do reach and then break the first shark pattern, then there is another one waiting (beige/black) just above the PRZ of the first one. If prices does reach there, then we will have new recent highs and will need to re-assess the sit-rep from there.

You might ask if I am so BULLISH on this pair, why do I keep calling for SHORTS? My answer is because I trade what I see. Not what I feel and not what I want. I am expecting that there will be a period of consolidation right now and reason being that I keep looking for SHORT trades right now is because I believe prices are at/near the top of whatever consolidation pattern may be forming. There's not enough information to make that determination solid just yet but these sharks may give some clarification.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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