glennmercer
Long

Long USDCAD: Bat + Butterfly + S/R + Trendline + Pivot

FX:USDCAD   U.S. Dollar/Canadian Dollar
11 months ago
Happy New Year, traders! Here is a trade to consider after the holiday. USDCAD             has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed bullish divergence. Entry is taken at the base of the PRZ near trendline support with SL at 1.13XA and target at .5CD and the weekly pivot.

Confluence in the PRZ:
  • Bullish Bat
  • Bullish Butterfly
  • 2BC Projection
  • 1.272AB=CD
  • Unhit weekly pivot coincides with .5CD
  • S/R Zone
  • Trendline support
  • Bullish RSI Divergence
11 months ago
Trade active
11 months ago
Trade closed: target reached: Target achieved: +37 Pips
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Shoot me an email: gmercerfx@gmail.com
Fotalvaroc
11 months ago
Hey!, thats a good setup, you should go to the 4h chart and analyse the flag pattern.
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glennmercer PRO Fotalvaroc
11 months ago
Hi Fotalyvaroc I do see that potential bull flag setting up on the larger TF. My current bias is bearish and my higher TF forecast is attached below. If the upper trendline is broken I will consider bullish opportunities. Thanks for your input, you should consider publishing a trade idea!
Short USDCAD: Wolfe Wave + Crab + Long OIL
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