USDCAD Long forecast 20/12/2019 - High probability setup
Daily 3rd touch BoS
4h descending wedge/channel 3rd touch
The highest probability setup is from the daily 3rd touch. This will be a daily 3rd touch reversal trade and then the impulse and the correction will be the 2nd opportunity to get long. (Lime green)
The possible setup is from the 4h 3rd touch which could be just shy of the daily 3rd touch, hence why it is possible.This will be a 4h 3rd touch reversal trade and then the impulse and the correction will be the 2nd opportunity to get long. ( Light green)
NOTE: If it reaches the daily 3rd touch with the 4h 3rd touch then it will be the highest probability setup. (LIME GREEN)
The unlikely but possible is if price rejects off the 1h/4h 2nd touch DB and then gives a solid impulse out of the descending wedge/channel. I will look for a correction to get long if this occurs. This is a more valid trade but still high probability area. (blue)
4h descending wedge/channel 3rd touch
The highest probability setup is from the daily 3rd touch. This will be a daily 3rd touch reversal trade and then the impulse and the correction will be the 2nd opportunity to get long. (Lime green)
The possible setup is from the 4h 3rd touch which could be just shy of the daily 3rd touch, hence why it is possible.This will be a 4h 3rd touch reversal trade and then the impulse and the correction will be the 2nd opportunity to get long. ( Light green)
NOTE: If it reaches the daily 3rd touch with the 4h 3rd touch then it will be the highest probability setup. (LIME GREEN)
The unlikely but possible is if price rejects off the 1h/4h 2nd touch DB and then gives a solid impulse out of the descending wedge/channel. I will look for a correction to get long if this occurs. This is a more valid trade but still high probability area. (blue)