EverythingForex
Short

UPDATE #1: TRADE: USDCAD: Sell@1.31650 wave count + patterns +76

FX:USDCAD   U.S. Dollar/Canadian Dollar
1689 9 34
Updating this SHORT trade I posted last week (see Related Ideas: "TRADE: USDCAD: Sell@1.31650 Selling on wave count + patterns"), so far it is up +76 pips. But there is some ways to go for this down trend. I fully expect that there will be retracements along the way down. In fact, I am anticipating one soon! In this update, I am showing an updated wave count. I am also showing a possible good entry point for another SHORTING opportunity.

On the chart, you can see a fairly clear H&S pattern that had formed earlier, Prices had already broken the neckline which I have also labeled as a minor sr structure. On a retest of that neckline, that would be a good place to attempt a SHORT.

PATTERNS
There 2 POTENTIAL patterns that I am showing here that are relevant to this trade. Both are bat patterns with one completing sooner than the other. The first bat could be marking the end of a possible wave 3 down in this current down trend. The larger bat ends down near the G-Zone retrace of the previous uptrend.

BEWARE THE TRIANGLE!
We are seeing nice trending moves here back and forth. This makes for very good and predictable trading! And it is also characteristic of.....TRIANGLES! So far, there is not any firm evidence of a triangle right now but I'm just pointing it out so you can be aware of it. If/when prices do reach the completion of the larger bat and turns from that point, then we could very well be looking at a triangle pattern 4th wave. Upon it's completion, a powerful 5th wave up should ensue. But that's for much later to deal with.

MY TRADE PLAN
I will be waiting for some kind of retrace before I even consider taking another SHORT in this pair since I already have SHORTS in this pair.

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*DISCLAIMER:
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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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Andrew, what do you think about this trade ? Is it still going to fall, or it changed to up-trend already ?
Also are you still in this trade ?
Thanks.
Reply
plz do me a favour i can not reach you when you update your old post...the time duration never changes ie 4 hours ago or 2 day ago and thats how i can not catch you coz you do not come in notification.which is not good for us..Plz kindly post a separate post every time you come...or do anything so that we can be notified....favor us buddy!
Reply
I am very, very busy and cannot post here so often. I do have a facebook page you can join where I do post more. But if you want real-time updates, analysis, and trade calls, you will need to subscribe to my service. If you want more info on that, you can PM me or go to my facebook page. Thanks.
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how can you b so accurate buddy....simple awesome! what you said few days ago...came across with exact figure 1.31642////....i should have cut off my buy there and should have banked but rather i targeted 1.3195,,(said some one here in your site and i followed him though his call for buy at 1.3108 was perfect one but the target he mentioned tp1: 1.3195 tp2: 1.3245 was simply a proven curse for me....coz vale came back from 1.3165 zone to my stoploss at 1.3050)...huh....I lost what i should have never....Goodness me...where were you man at that time...??? u never come often here specially when we need your figures on chart...do come regularly....u have become my buddy now...
Reply
Although I may have hit that price and it seemed accurate, this is not always the case. My next trade may be way off. Who knows? So I'm not going to take any credit for being on target. It's a guess, really. An educated and experienced guess but in the end, still just a guess. No one can be pinpoint accurate intentionally.
+1 Reply
maharjaan1 EverythingForex
Agree! but your educational and experience guess is very much worth to be followed blindly...thou i never trade blindly but some how or other we all need educational direction from some one whose reading and experience and the educational tactics/guess he/she imposed on chart and the most important to prove his point in most catchy method is all the way significant in all aspects of life especially in FOREX....i never say u can not be wrong...main thing is when became wrong in thoughts you admit it and there give us brief learning where and how you mistaken or misjudged...ITS GREAT PERSONA OF YOUR LIFE!....God Bless you! whenever you be here in this FORUM SHAHZAD(maharjaan=ME:)) will always be at toes.....
+1 Reply
Doesn't look good from a fundamental basis going forward for Canada:http://www.zerohedge.com/news/2015-11-02/forget-china-extremely-developed-country-just-suffered-its-biggest-money-outflow-eve
Reply
EverythingForex PRO RobertHerdman
Welcome to your opinion. I totally disagree of course. This reminds me of that guy who argued with me about EUR heading higher when I was calling for it to drop. He said something similar about the fact that the Fed was not raising rates and the ECB doing something and swore that it's obvious it would jump higher. Well, I only hope he didn't bet his house on it! GL to you though. Did you post a LONG trade on this pair rising?
+1 Reply
agree!
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