USDCAD H1 Bear Butterfly

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Jan 21, 2019 9:30 AM

Big time frame downtrend, for those who missed the weekly Bear Bat on my previous post, this is a potential retry point.

Entry: 1.3370
SL: 1.3407 (-37pips)
TP1: 1.3301 (+69pips)
TP2: 1.3254 (+116pips)

To consider extended target based on my analysis on the weekly chart:

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Comment

⋅ Jan 24, 2019 12:58 AM

Miss entry by a few pips.

Will remove my pending order and observe if there is a second entry at this price level.

Trade active

⋅ Jan 25, 2019 2:53 AM

Trade engaged:
Entry: 1.3370
SL: 1.3407 (-37pips)
TP1: 1.3301 (+69pips)
TP2: 1.3254 (+116pips)

Watching out for price to break and close below 1.3306 for potential big move down for extended targets.

Trade closed: target reached

⋅ Jan 26, 2019 12:54 AM

Reached TP2, +116pips.
I’m still holding on to some short positions for this pair based on the weekly Bat Pattern.

Comments

xosignals

⋅ Jan 21, 2019 9:38 AM

I think the price could rise!because
1. the dollar is on the rise
2. the price crosses the resistance

TradeWithWayneYia

⋅ Jan 22, 2019 6:26 AM

@xosignals, Thank you for your comment. I am utilising multiple timeframe for my analysis and follow my weekly timeframe downward movement. I expecting the price to rise briefly before continuing the downward move. Also the Butterfly Pattern gave me added reasons to engage in this trade.