wstchse
Short

Butterfly Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
73 3 3
Hello all, this is my first harmonic post, so be easy; although, all corrective criticism is appreciated. I'm taking this trade for a few different reasons.

1. Reversion to the mean. We have just broke down through a wedge , and now will more than likely bounce and test broken bull trendline .
2. SCMR- My killer software is signaling a potential reversal on several intra-day time-frames.
3. According to my research, this seems to be a valid harmonic .
4. Oscillators are primed for a pump/bounce, sorry you will have to excuse my bitcoin             lingo lol.
5. Pattern completes at the .764 of the last move down.
I am currently long for the move up, but will follow my plan accordingly and sell on completion of the pattern. Good Trading!
Comment: I have now taken profit on my long and have entered short
Idea is good, I have similar setup, still several resistance levels need to be tested and broken before it reached the D point, but first it will test the support, if the support will hold, then there will be a potential advance pattern.

- It is not a butterfly pattern. It is Gartley or BAT pattern, Almost touched 61.8, but didn't, It closed under the 50.
- See previous resistance levels, it is more likely a BAT pattern.
- As I said, still many resistance levels need to be conquered, so just hold an eye on it.
- A valid advance harmonic pattern need a completion of D leg.
- It broke down the channel, but it violated by making a higher high.
- Actually is sideward trading because the conflict between (strong) USD and CAD (oil, instability of mid east)
- Now long is possible, as long as no more bad fundamental news from middle east, such as escalation between Russia and Turkey, or any oil situation.
- Wednesday after the Weekly Inventory Report of oil, the oil was bullish, just a bit more than a hour ago testing the resistance level. If the oil keeps bullish, there is a chance that USDCAD will bearish

good luck and good trading

snapshot
Reply
wstchse davidarwen
Thank you very much for your post, it was very detailed and informative. Good Trading!
Reply
davidarwen wstchse
you are welcome.. have good pips
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out