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

FX:USDCAD   U.S. Dollar / Canadian Dollar
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
Trade active
Trade closed: target reached: Target achieved: +37 Pips
Hey!, thats a good setup, you should go to the 4h chart and analyse the flag pattern.
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!
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