TerryHarmonicTrading
Long

USDCAD - Bullish Bat at H4 channel

FX:USDCAD   U.S. Dollar/Canadian Dollar
17 days ago
Hi traders, just sharing one of the pair I will be monitoring very closely for this week.

I see a potential bullish bat on USDCAD             .

This is gonna be a great setup because of the following reasons.

1. Aligned with uptrend
2. Entry price is very close to extreme of parallel channel
3. Aligns with previous resistance turn support area

How I will execute this trade

1. Wait for price to hit 1.33
2. Wait for a rejection of the PRZ between 1.3290 to 1.33
3. Enter trade if bullish divergence is present in RSI

Strongly encourage not to use a pending order
17 days ago
Comment: Download my game plan for week 46 with video attached.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week46report
6 days ago
Comment: It is almost here, I have to see some rejection of the PRZ at the H4 timeframe before entry. Finally close to execution after a 2 weeks wait.
5 days ago
Comment: The spillover of the PRZ was completed last week.

Next step is to wait for the price to close above the yellow zone on the h4 chart and we have a long entry.

If price continues to drift lower and break new low next week, I will be shorting on pullbacks.
3 days ago
Comment: Price has bounced off the PRZ.

Have executed my buy limit to go long, which is a queue to buy at 1.33.

EP 1.33
SL 1.3240
TP 1.3580
2 days ago
Trade closed: stop reached: Got stopped out yesterday with a loss of 60 pips. Now I am looking to trade bearish setups on this pair.
Harmonic trader based in Singapore. Learned directly under the great Scott Carney. For FREE live trading webinars, trading resources and market analysis, please do visit my website at Harmonicforex.com
The_Duke
6 days ago
Looks like points 1 & 2 are ticked off, I don't see any bullish divergence on the 4HR RSI though...
Am I correct at this stage Terry?
Reply
TerryHarmonicTrading The_Duke
6 days ago
@The_Duke, this thing is tricky as there is NFP tonight. It could just fly up and get you stopped out without a secondary retest. I might not enter this as I am still holding on to my cadchf, which is correlated.
Do not want to double my risk exposure.
Reply
The_Duke TerryHarmonicTrading
6 days ago
@TerryHarmonicTrading, Excellent Terry, thank you for your prompt reply and explanation - helps the learning process immensely :)
I'll stay tuned...
Reply
The_Duke TerryHarmonicTrading
6 days ago
@TerryHarmonicTrading, Not forgetting the NFP is due out shortly... but looking at those 4HR candles - I don't see price rejection at the PRZ, I see consolidation.
Is that a reasonable view Terry or is that pattern actually price rejection?
Reply
TerryHarmonicTrading The_Duke
5 days ago
@The_Duke, just updated my view.
Reply
The_Duke TerryHarmonicTrading
5 days ago
@TerryHarmonicTrading, wonderful thank you
Reply
This week's report is out, I will cover Gold, DXY and USOIL.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week48report
Reply
The_Duke
3 days ago
Thanks Terry. I've been watching.
I missed the initial impulse move upward and have been waiting for a retrace to enter.
Reply
TerryHarmonicTrading The_Duke
3 days ago
@The_Duke, yup, me too. Hoping for a pullback to 1.33 for entry.
Reply
The_Duke TerryHarmonicTrading
3 days ago
@TerryHarmonicTrading, 50% retracement of the impulse might be on the cards shortly.

Too soon?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out