USD/CAD - WOW! This Could Really be HUGE!!!
Hey Mates,
First off, I apologize for the busy chart above! In my excitement for the very important support that (looks like) will hold after the break out of the sideways channel and the AB=CD pattern sellers have taken profits - there seems to be a fresh supply of buyers.
Very important is the price that the AB=CD sellers took profits because it is significant support / resistance line in the past (as indicated by the thick grey lines). If this price holds, my opinion is that USDCAD will rise until the next resistance level.
You can see we have a possible 3 drives pattern in development, as well as a possible bearish harmonic pattern. The best part? If this price holds, both of the aforementioned patterns are supposed to sell within the same price reversal zone! Let's see how price action develops over the next few days and we will revisit this idea with a trade opportunity.
As always, if you enter a trade make sure it is because your strategy confirms it. Good luck and happy pippin!!
First off, I apologize for the busy chart above! In my excitement for the very important support that (looks like) will hold after the break out of the sideways channel and the AB=CD pattern sellers have taken profits - there seems to be a fresh supply of buyers.
Very important is the price that the AB=CD sellers took profits because it is significant support / resistance line in the past (as indicated by the thick grey lines). If this price holds, my opinion is that USDCAD will rise until the next resistance level.
You can see we have a possible 3 drives pattern in development, as well as a possible bearish harmonic pattern. The best part? If this price holds, both of the aforementioned patterns are supposed to sell within the same price reversal zone! Let's see how price action develops over the next few days and we will revisit this idea with a trade opportunity.
As always, if you enter a trade make sure it is because your strategy confirms it. Good luck and happy pippin!!
Comment:
A closer look at my entry - when it breaks the upper channel:
Comment:
No position yet, still waiting for conformation!
Comment:
BULLISH GARTLEY COMPLETE, I'm in!
Trade closed: stop reached:
Can't win em all, which is why you MUST practice responsible risk management, no matter the size of your account. Will keep looking for opportunities on this pair!
Trade active:
forgot to post, completed bullish butterfly. I'm long!
Comment: