USDCAD: potential Bullish Bat (4 Hour Chart)

FX:USDCAD   U.S. Dollar/Canadian Dollar
Two trades on my radar this morning a potential bullish gartley pattern on the USDJPY             & a potential bullish bat pattern shown here on the USDCAD             . I wanted to share this one with you because it does a better job of following up on this week’s theme of combining patterns with the overall ebbs & flows of price action.

If you remember, yesterday’s video covered that same topic as we walked through the EURJPY             combining both structure analysis and advanced patterns. (“Looking Over A Forex Trader’s Shoulders” http://tradeempowered.com/looking-over-a-forex-traders-shoulders/c )

Hope you guys stayed safe out there yesterday. I cancelled all three of my positions going into the rate statement just to remove all exposure. In hindsight I would have benefited greatly from leaving them on but it was 100% the correct move for me to get out. Although trading is technically a gamble, it’s a gamble I only want to take when I feel that I have the edge.

Akil Stokes
Chief Currency Analysis at Trade Empowered
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a year ago
I really like this Akil, currently position short and already covered half but looking for 1.2342 longer term but no problem taking this one long as well... , fully fits my own rules thanks for the heads up!
+1 Reply
Akil_Stokes TOP dionvuletich
a year ago
No problem. Congrats on the profit making as well!
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Koryphaeen PRO
a year ago
Hi Akil, as I remember, you had a position open yesterday on the USDJPY, a Cypher pattern...that is the one you closed prematurely? I can only say that I let it flow till the 2nd target triggering... :) but I respect your decision of getting out the market, it needs sometimes a huge power of will to do that even though you see that everything should move according to previous technical analysis...
+1 Reply
Akil_Stokes TOP Koryphaeen
a year ago
yeah it takes huge power, but I've also learned my lesson plenty of times in the past about leaving trades on during events like that. It's a pain that i've experienced before and eventually I became smart enough to learn my lesson.
+1 Reply
Akil_Stokes TOP Koryphaeen
a year ago
Honestly it does stink to see that things went my way, but knowing that it would have been pure luck and that we could just have easily seen the opposite reaction helps. By the way CONGRATS! on the profit making, talk about pain free profit
+1 Reply
Hi Akil. Did you get filled? I had already spotted this and had my pending order placed, but didn't get filled. :(
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Akil_Stokes TOP Kjetil_Johannesen
a year ago
Nope I didn't either thought I did for a second but saw that price action hit 3012 and not 3002.
a year ago
Whaoo, that could have been a pain free trade. There was another bullish bat pattern present which was close to your bat pattern completion point, I don't know if you recognized it or not. See the chart below, the orange one was the successful one:

+1 Reply
Akil_Stokes TOP moneymaking
a year ago
I just missed entries on this one, and on a smaller one yesterday. USDCAD just hasn't been nice to me this week
+1 Reply
moneymaking Akil_Stokes
a year ago
Yeah, the choppiness was very ugly, which makes it even tougher to trade :(
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