UPDATE #2:QUICK ANALYSIS: USDCAD:Rare & Wonderful Treat! +260

It's not often when you get a chance to double-dip on a pattern! What do I mean? What just happened in this pair is just that: a double-dip. Prices had already filled this butterfly pattern once before and also hit its' TP1 for +130 pips profit. Well, prices retested the D point of the butterfly again, held it and dumped down to the TP1 again yielding yet another +130 pips! If you had seen this kind of price action before (which I have) and recognized it as a possiblity, then you could've taken advantage of the "double-dip". File this away in your memory banks or write it down in your notes. So that next time you see it, you may recognize the opportunity! It doesn't occur that often!

MY TRADE PLAN
But now that it has done this, price action at this point is bearish. So it is likely but still not probable yet that TP2 will get hit. But I am now holding additional SHORT position from the "double-dip" to go to the TP2. But I will setup a trailing stops of 50 pips (20% of the +260 pips I just banked) to try to get the TP2. Again, keep in mind that I am still expecting more upside to go on this pair so I will be watching for signs of reversal back up and act accordingly.

*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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