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Short

TRADE: USDCAD: SELL@1.33026 SHORT On POTENTIAL BAT

FX_IDC:USDCAD   U.S. Dollar/Canadian Dollar
464 3 13
Here's a POTENTIAL bullish bat pattern that is developing. According to my wave count, this bat is part of the wave iv of ( iii             ). Now because by my count, if correct, this is a wave iv, extra caution must be taken as wave 4's are notoriously difficult to predict how they unfold. Prices could follow the bat or they may not and unfold in some other way. The bat pattern completion will only increase if prices close below the BAMM line.

!HR CHART - Close-up On My Wave Count For Wave ( iii             )
My wave count shows that we are now in wave iv of wave ( iii             ) that is within the ending wave 5 of the overall trend up.
snapshot

MY TRADE PLAN
I am in SHORT on the CD leg of the POTENTIAL bat. Why? Well because the trade is within my trading plan and risk tolerance. Taking the trade at this point (as of the time and price of this post) gives a 2:1 risk:reward as well so no problem there. If you take this trade, you need to make sure it fits in your own trading plan. What I'm really looking for is the completion of this bat pattern to get LONG for the wave v push up to finish off wave ( iii             ). Because according to my wave count, if correct we are STILL in a wave 3-type move, the final push (wave v) will tend to be pretty strong move up.

*DISCLAIMER:
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. 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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