USDCAD Monthly Gartley Pattern + Supply Level + 5th Wave Cluster
Looking for a position short at 1.4630 - 1.4660
Running into significant resistance there - including:
1) Bearish gartley pattern 78.6% Retracement
2) Clear 5 wave advance with 5th wave fibonacci extension cluster level
3) Supply level
4) RSI overbought >78
Also suggests that Crude has a little more to lose... which is also forming a 5 wave decline as per my previous post
I will have a pending order to sell at this level for a position trade short
If you are new be mindful that trading monthly charts involves significant stop sizes or 100's of pips which means you need to position size accordingly to keep your risk at your acceptable loss size, in this case it will be >250pip stop loss so position size will be reduced accordingly although it will be a ~4:1 Reward to risk trade if it pans out as expected
Running into significant resistance there - including:
1) Bearish gartley pattern 78.6% Retracement
2) Clear 5 wave advance with 5th wave fibonacci extension cluster level
3) Supply level
4) RSI overbought >78
Also suggests that Crude has a little more to lose... which is also forming a 5 wave decline as per my previous post
I will have a pending order to sell at this level for a position trade short
If you are new be mindful that trading monthly charts involves significant stop sizes or 100's of pips which means you need to position size accordingly to keep your risk at your acceptable loss size, in this case it will be >250pip stop loss so position size will be reduced accordingly although it will be a ~4:1 Reward to risk trade if it pans out as expected
Trade closed: target reached:
~4:1 WInner Not bad for monthly chart trade in 2 months - pretty much perfect...