USDCAD - Bullish Bat at H4 channel

FX:USDCAD   U.S. Dollar / Canadian Dollar
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
Comment: Download my game plan for week 46 with video attached.

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.
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.
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
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.
Thanks Terry. I've been watching.
I missed the initial impulse move upward and have been waiting for a retrace to enter.
@The_Duke, yup, me too. Hoping for a pullback to 1.33 for entry.
The_Duke TerryHarmonicTrading
@TerryHarmonicTrading, 50% retracement of the impulse might be on the cards shortly.

Too soon?
This week's report is out, I will cover Gold, DXY and USOIL.

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?
@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.
The_Duke TerryHarmonicTrading
@TerryHarmonicTrading, Excellent Terry, thank you for your prompt reply and explanation - helps the learning process immensely :)
I'll stay tuned...
The_Duke TerryHarmonicTrading
@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?
@The_Duke, just updated my view.
The_Duke TerryHarmonicTrading
@TerryHarmonicTrading, wonderful thank you
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