Fxprotrader
Long

USDCAD@ One More Rally Before Massive Drop

FX:USDCAD   U.S. Dollar / Canadian Dollar
263 5 12
Looking at the monthly chart i truly believe that usdcad             uptrend comes to an end. Looking at the daily we can clearly see an uptrend with price having already 3 elliott waves . Price is now testing a key support level and if we don't witness a breakout we can say that we have and wave 4 completed.

In the 4h chart we see a RSI divergence we is a sign that price will reverse. A nice way to trade this setup is to wait for a bullish harmonic pattern to form in the lower timeframes. Stoploss and profit targets as shoen in the chart.

RSI divergence:

Trade closed: target reached: First target reached, move stoploss to breakeven in the second one.
thank so much
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Fxprotrader ChatchaiVong
You are welcome mate.
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IvanLabrie Fxprotrader
Things change rapidly.
I took the last swing today.
Nice work mate.
Reply
Fxprotrader IvanLabrie
Not a good day today Ivan.. I was expecting USD to retrace, but i left this trade open though. We llok ahead now..! Have a nice weekend..
Reply
Yes, was looking at the same.
Max support there. The next one is the high volume node below it. 1.25
If this holds we might see a relief rally.
I don't think the wave count is valid though, but the message is coherent. The targets look optimistic for dollar, it's very weak overall.
+1 Reply
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