USDCAD - Bullish Shark pattern at 1.3
Hey guys, USDCAD will be on my radar next week too.
USDCAD has been range-bound in February, and I expect the range to remain going forward until perhaps NFP March 2017.
The USD is likely to undergo further correction downwards aligned with the setup I spotted on USDJPY last week.
Pattern identification
I see a potential bullish shark pattern completing close to 1.3. The PRZ zone based on the rules of the shark pattern is between 1.2990 to 1.3020.
Traders can potentially look to buy upon a rejection of this zone.
Trade Execution
I will personally wait for a false breakdown of the 1.3 zone, which means a breakdown and an immediate reversal upwards at this zone to initiate a buy.
SL will be around 1.2950 and my TP will be set at high of range around 1.32.
The R:R on this trade will be around 1:4.
When will this pattern be invalidated?
If price does not stabalize and start to reverse upon 1-3 candles after it closes around 1.3, or if price does a huge break down below 1.3, this pattern will be invalidated.
Be patient, trade well!
USDCAD has been range-bound in February, and I expect the range to remain going forward until perhaps NFP March 2017.
The USD is likely to undergo further correction downwards aligned with the setup I spotted on USDJPY last week.
Pattern identification
I see a potential bullish shark pattern completing close to 1.3. The PRZ zone based on the rules of the shark pattern is between 1.2990 to 1.3020.
Traders can potentially look to buy upon a rejection of this zone.
Trade Execution
I will personally wait for a false breakdown of the 1.3 zone, which means a breakdown and an immediate reversal upwards at this zone to initiate a buy.
SL will be around 1.2950 and my TP will be set at high of range around 1.32.
The R:R on this trade will be around 1:4.
When will this pattern be invalidated?
If price does not stabalize and start to reverse upon 1-3 candles after it closes around 1.3, or if price does a huge break down below 1.3, this pattern will be invalidated.
Be patient, trade well!
Order cancelled:
USDCAD has gone above 1.32, price did not hit my entry lvl and this trade idea is no longer valid.
