wstchse
Short

Butterfly Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
73 3 3
a year ago
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!
a year ago
Comment: I have now taken profit on my long and have entered short
davidarwen
a year ago
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
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wstchse davidarwen
a year ago
Thank you very much for your post, it was very detailed and informative. Good Trading!
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davidarwen wstchse
a year ago
you are welcome.. have good pips
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