EverythingForex
Long

TRADE: USDCAD: BUY@1.2170 Gartley + Wave Cnt + Lvl = Low Risk

FX:USDCAD   U.S. Dollar/Canadian Dollar
736 1 23
I'm taking this trade because it is a very low risk, high reward trade. This is more of a structure trade. This trade also fits into my wave count for this pair.

There was a Gartley that had been completed and prices are in it's PRZ right now. Prices are also hitting a minor structure level and it seems that level is holding. This is the 3rd time this minor structure level has been tested and it has formed a triple bottom because of it. But there is a MAJOR Structure Level not far underneath and also the .382 retrace of the entire large up trend also looms below. These could act as attractors for prices. But maybe will hit them later.

Bullish price action is appearing. I am expecting that this pair will make a up move in a wave (B) and could retest the highs. If it does do that, it will be a rather large move. And this may be the beginning of that move.

MY TRADE PLAN

I'm LONG now and will be holding this trade up past the standard Gartely TP's. as I am seeing the Gartley as more of a "trigger" pattern and not really trading off of it. Stops go below the minor structure just below for a very small SL. If prices were to break below that point, it may very well go to the MAJOR SR Structure that sits lower and also the .382 retrace level below.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Nice setup. Here is a trendline to keep an eye out for if price should break support:
snapshot
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