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

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
544 10 8
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!

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.

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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thanks for your informative posts. I am very new to trading and would like to ask you one thing about this double dip trade you were discussing here. My question is, what have you been doing with your positions after the succesfull shorts on both dips down ? Did you close your short positions at the B point line or did you left them open or maybe did you even get stopped out when the price was heading back towards the D point of the Butterfly pattern ? Sorry if this question sounds stupid but Im new...
No question is stupid when it comes to trading. I setup trailing stops on the remaining positions from the D point after it hit the TP1 again and let the remaining positions ride down to the TP2 which it didn't do. As prices retrace back up again from the TP1, they got closed out with my trailing stop. Hope that makes sense to you. If not, feel free to ask away! I'll answer as time permits.
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Your analysis is very successful and focused as always, I would like to know if it is easy for you what is the usual success prospect of a grab pattern?
EverythingForex michalis.sideris.9
"grab" pattern? I'm assuming you mean "crab" pattern, right? I don't have any percentage success rate to quote. Just from my own personal experience, they tend to work very well. Why? Because crab patterns are extension patterns in that they account for "wave exhaustion" to occur. It is normal for prices to complete the crab pattern explosively meaning that prices when reaching the D point of a crab are usually doing so with a very strong "final" push. It is common for prices to exceed the D point of a crab pattern. In fact, when I see it doing this, it actually confirms that the crab is a good one and I can expect some kind of reversal to occur. Hope that helps. GL!
Please read my response above about why I do not give TP's and SL in general. If I do post them, I would be only posting my personal TP's and SL's. Not for the trade in general. You must determine your own TP's and SL's that suit your own trading plan. Again,anyone who does not have a trading plan with firm trading rules needs to stop trading until they have one. Your trading plan should determine your SL's and TP's for EVERY trade your take. GL!
Thanks for this, really interesting. One question if I may. When you say that you are now holding additional SHORT position from the "double-dip", do you mean from TP1 or from D again (in which case it would be a sell limit order). It sounds like from TP1 but I just want to be sure. Thanks and good luck.
What I mean is that I sold again from the D point for an additional SHORT position adding to the SHORT position that I already had from the first time prices filled the crab.I never will add positions from the TP1 just to try to get to the TP2 unless there is a different reason for doing so. Not just because I want to increase the TP2 profits. That would be greedy. Also, the probability for reaching the TP2 is lower than TP1. So definitely do not add positions at TP1. GL!
where is tp2?
+1 Reply
First, because I am not giving a trade signal here but only posting about my own trading, I don't give specific stop losses and take profits for anyone to follow. Everyone should have their own trading plan for how they intend to trade based on their own risk tolerance. If anyone does not have this, then they should not be trading until they do have one. Hope you understand. I am not a signal service. Only posting my trades and thoughts on trades for educational purposes. I hope to give back to the trading community and help those that want help. Having said that, if you know the trading rules for trading harmonic patterns, then you also would know that the standard TP1 and TP2 are the .382 and .618 retrace of the previous wave. GL!
+1 Reply
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