FX:USDCAD   U.S. Dollar/Canadian Dollar
456 9 15
Market Analysis: The pair has reached the support level and is now heading for a retracement. I believe it may go up to the fib 61.8. So once it reaches there we may see a good rally for a down trend. So lets see what the market does. Cheers!
Hi Kishore,
While I agree with your trade as its basically a trade 2618 setup from a double top.
I don't see any bearish completed patterns that are valid on the DAILY (unless its a Cypher which I don't use)

What are your harmonics you have drawn up?

There is a valid bat on the 4HR which is in progress from the current swing trade from the low (not drawn up sorry)
Or there is a failed Gartley (as shown) but open to a type 2 trade which would also validate the possibility of the 2618 setup.

snapshot


Good analysis however,
Thanks
Reply
Kishore Swerver
Hello Swerver,

Thanks for your valuable comments. I do agree with you. I just saw there is a resistance near to that of the fib 61.8. I'm just waiting for the market to reach the area. I don't open an entry right away once it reaches the fib level. I wait for the confirmation in multiple ways. Which i use to enter a trade. This setup is only to caution that the overall trend is in sell. And the market is going for a retracement not for buy trend. So it could benefit many to help them find the trend. cheers!
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You're welcome thanks for sharing.
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very excellent work. nice to see such a good technical view.
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Kishore paulsubbureddy
Thank you very much sir!
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what about ur view in crude? i think it has gone for buy trend. i am expecting some retracement today.
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Kishore paulsubbureddy
It's still in a buy trend sir. Need not go for sell for some times. We want to be in a conservative side. So its better to stay away from anti-trend trading. Cheers!
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tnks for ur suggestions.
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Kishore paulsubbureddy
Welcome sir!
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