TRADE: USDCAD: BUY@Any Close Above 1.32470 To Catch A Wave 3

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
EDIT: My mistake. The B point that I am referring to in this case was the B point of the previous Bat pattern . While still a legitimate trade opportunity when prices close above that B point, It is NOT the B point of the crab . Still, the trade is still valid and I will take it when prices do exceed that point which would be breaking structure.

Following on the heels of another successful trade (see Related Ideas: "UPDATE #3: TRADE: BUY@1.31650 On Bat TP1 + 2 Hit (+185 pips)"), comes a good opportunity to catch a "small" wave 3 in this pair. In this case, a possible wave (3) of wave v of the larger wave ( iii             ). According to my wave count, it is already underway but there's still good pips to me made on it. There is also a POTENTIAL bearish crab pattern that which it's CD leg could also be the entirety of this wave v move. If prices should follow the CD leg of the crab , then the crab's ending D point should also mark the end of the wave v and the beginning of a wave (iv) retrace back down. If following this trade all the way to the crab's D point, there is a possible 200 pips to be had. Safe way to get into this trade would be to wait until prices have closed above the B point line of the crab pattern before entering the trade. When prices get past the B point of patterns, the likelihood of that pattern completing increases. And if you have followed my posts, you'd know that I LOVE trading crab patterns!

I am still in this trade from the trade before as I left 1 position open from the previous trade to ride this pair up. But I will look to add LONG positions when prices do exceed and close above that B point which is itself a structure level.

Please keep in mind that I am not giving any trading signals or trade calls 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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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