SmartTradingFX
Long

USDCAD: Cypher Pattern Completion In The Direction Of The Trend

FX:USDCAD   U.S. Dollar/Canadian Dollar
489 10 9
Cypher Pattern completion at 1. 4410            

This is a nice looking setup as its a pattern that is going in the dircetion of the trend and theres a possibility to shoot for extended targets, at least back up to previous structure as ive highlighted on the chart!

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Ric

Smart Trading FX
yea
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Hi, I agree but going to 1.4410 would mean breaking the current H4/H1 trend so my opinion is that it don't will go that far.
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The way the Cypher Pattern completes, it is always going to go beyond the 'B' point...

It would not be breaking the trend as the trend is Bullish! Go out to the Daily or weekly chart and you will see how Bullish this pair is, an i believe there is still room to the upside so i would only be looking for Longs if i was to trade this! Hope that helped!

Ric
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alm26 SmartTradingFX
I agree with you, I'm also bullish on this pair. For me, the next stop is 1.51, then 1.60+ you see...
I just don't think that it will go as lower as 1.4410, just that.
Thanks,
AL
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UCAD Making Possible Double Bottom @ 1.4445 and if that remains i expect ucad to return up above 1.45 again.. and in case thats 1.4345 taken out then i think we might get kiss of 1.439...
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jhakas jhakas
double bottom on 15 and 30 min tf.
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jhakas jhakas
sorry made mistake its 1.4445
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I got blasted on this one today too! I had the same thing on my radar last night! Lots of selling up there at those higher levels.. Maybe we will get a real pullback on this pair and get a chance to hop on at a lower price!.. Keep up the good work.
+1 Reply
SmartTradingFX PateSkpate
Kenny how you doing bud? Yeah this would of been a loser but backtesting has showed me that taking this pattern on this timeframe is not profitable so it has been removed from the pattern portfolio. Yeah hopefully TCT wise there will be a chance to hop on. Thanks for the compliments Kenny it means alot. Ric
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PateSkpate SmartTradingFX
Doing good Ric, thanks for asking.. Well we broke some support on the 1hr TF.. This market may be putting in a correction.. It has plenty of room to correct on the Daily.. My short term bias has now shifted to bearish but still bullish on the Daily.. It's going to be really hard to wrap my head around this on this pair haha! But that's why I have a Trade Plan.. It keeps my emotions out of trading. :)
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