Oztrade
Short

USDCAD 60M - POTENTIAL BEARISH CYPHER - ADVANCED PATTERN

FX:USDCAD   U.S. Dollar/Canadian Dollar
Hi All, I have been out of trading last week and couldn't even find time to post some trades, managed to get a trade late Friday to take 72pips for one trade for the week.

Along with the EURUSD             BAT and EURJPY             BAT which I noticed EURUSD             has not quite hit the 88.6% level which I will be watching this week and putting orders in place.

I wanted to share this potential shorting opportunity, I see we have hit the 1.29000 even handle number and had a retest with a rejection.

If price continues upwards this will present us with a shorting opportunity here.

I thought there may have been a smaller Bearish Bat pattern here using the Cypher B Leg as the Bat X leg but unfortunately, what should have been the Bat C leg has gone past the A leg making it invalid for me.

Anyway - as always traders

Red for minimum Stops Level - 113% Fibonacci Ext from A to X leg and back down.

Green for our Entry Level - 88.6% from our X to C Leg - I have placed entry just below the 88.6%

Blue for our Initial Targets 1 and 2 - 38.2% and 61.8% Fibonacci Retrace from the C to D leg after we have the D completion.

If we continue downwards and break the 1.29000 I will keep an eye on any patterns forming and post here.

Hope you all had some good success last week in trading and wish you all very well for this week.

Happy Trading and be safe.
Hey traders sorry for the error on this trade - mixed up with the Bat Pattern I am about to post now. the entry for this cypher is 78.6% data on chart is still correct just had the typo here that I just noticed
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glad to hear you back ;)
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Oztrade riccardo.pradella
Oh thanks Ric - good to hear from you and hopefully I can get some trading in this week and next week. Very busy with work as you could imagine being Managing Director can be very consuming.
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