DayFarrell
Long

USDCAD VERY BEAUTIFUL SETUP :)

FX:USDCAD   U.S. Dollar/Canadian Dollar
THIS IS VERY SIMILAR TO MY RECENT EURUSD             TRADE SETUP. NICE DEFINE STOP, WITH CLEAR TARGET AT THE TOP WHERE STRUCTURE HAS FAILED TO BREAK THROUGH TWICE. I'M MORE CONFIDENT OF THIS PAIR BREAKING STRUCTURE AFTER A SHORT PULLBACK BECAUSE OF THE PREVIOUS PRICE ACTION. WE HAD 3 LOWER LOWS (LL) AND NOW A HIGHER HIGH (HH). EVEN WITH THE LOWER LOWS, THE STRENGTH OF THE BULLS WERE PHENOMENAL, KEEPING THE BEARS ABOVE OUR NOW ENTRY LEVEL DENOTED BY THE RED RECTANGLE. I BELIEVE ANY MOVE UPWARD WILL BE A STRONG MOVE. SO IT IS NOT IMPOSSIBLE FOR US TO SEE 1.348 FOR A NEW HIGHER HIGH.
AS ALWAYS, TELL ME WHAT YOU THINK JUST IN CASE I MIGHT HAVE MISSED OUT ON SOMETHING.
HAVE A SUCCESSFUL DAY! CHEERS!

Related Ideas

DayFarrell
2 years ago
IF THIS GOES AS PLAN WE CAN GET ABOUT 4 SET UPS OUT OF IT, 1. THE CURRENT, 2. THE 38.2 PULLBACK (BUY TO 1.1348-56) THEN SELL AT THAT SAME LEVEL WHICH FULFILL OUR LARGER ADVANCE PATTERN (SELL TO 38.2 GIVEN ITS A STRONG MOVE), THEN BUY AGAIN AFTER PULLBACK FOR HIGHER TARGET. THE ADVANCE PATTERNS VARY ON THEIR PULLBACKS ACCORDING TO THE STRENGTH OF THE MOVE, WEAK MOVE 61.8, STRONG MOVE 38.2. HOWEVER FOR NOW LETS FOCUS ON ONE AT A TIME. JUST GIVING HEADS UP
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DayFarrell
2 years ago
this was a surprising one stops triggered. a loss is a loss. now to review and see where i went wrong, i think the set up was great, but that's the bad side of trading, sometimes the unexpected occur.
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garion00
2 years ago
That's too bad you lost on this trade. I had to come back and tell you what a great trade this was for me. I trade small leverage and have wider stops. But this went right to 1.1290 which is where I thought the TP was. I guess I was just lucky. Still love the chart!
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DayFarrell garion00
2 years ago
yes my stops were too close, the trick is to never put stops where most traders will place there's, rather, always go lower. that way when their stops are triggered it spikes the market, but i wasn't on top of my game for this one, but still happy that you were used the correct method and glad you won, cheers!
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Trading_Accuracy
2 years ago
Great work Man seriously , guide me on this query Does patterns need to be taken at structure levels only or we can take Patterns at the specified fibb levels ??????
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DayFarrell Trading_Accuracy
2 years ago
there is no fixed rule, but to be on the safe side the fib level is best. however, i must tell you the reason why some patterns seem to go beyond their fib level is when there is another pattern that is of greater significance than the pattern. using this as an example, i had to knock myself over the head for this trade because my mistake was too obvious. so within this pattern is another pattern that i've discovered i called the staircase pattern. it runs from c-d of the pattern for reference. when you trace fib tool from point x to point c, you will notice price stop at the 61.8 and it paused a bit. then you take your fib tool and measure from point c to the 61.8 and you will observe a 23.6 pullback. usually when this occur, price will often proceed to or a little beyond opening price x. so entry should be placed at point x or a little below.
also it depends on the type of pattern it is, cypher pattern most frequently will turn at or close to their designated fib level.
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Trading_Accuracy DayFarrell
2 years ago
Thats what i love about trading view , so much knowledge without forcing someone to pay if he wants to learn :)
Keep the good work up
+1 Reply
DayFarrell Trading_Accuracy
2 years ago
thanks, any time, feel free to ask.
+1 Reply
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