USDCAD, Cypher+inside day Long

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Jul 14, 2017 3:45 AM

This page is all about inside bars and harmonic patterns, and I got 1 potential trade that is in line with 2 of the strategy!

USDCAD completed a huge Cypher pattern, while like what I said on COST (another harmonic + inside day breakout combination yesterday),
I believe harmonic pattern needs to go with reversal/retracement sign rather than just put an anti-trend limit order.

here I got the inside day and if it's able to break to the upside, I am turning a little bit bullish on USDCAD and will find some smaller time frame trades.

Comment

⋅ Jul 15, 2017 3:04 AM

the inside day broke to the downside, the inside day short was awesome while I tried to combine the 2 strategies so I did nothing lol.

Comments

KyleMcQuade

⋅ Jul 16, 2017 2:49 AM

Hi, nice pattern. Do you take fundamentals into account? I see the BoC interest rate hike playing a part here.

Trader_Joe_Lee

⋅ Jul 16, 2017 3:22 AM

@KyleMcQuade, In my opinion, Fundamental event is a plus for inside bar setup(both directions, it implies the market has digested the event)

but is a minus for harmonic patterns (it provides POTENTIAL reversal point but pays no attention to current price actions after rate hike)