UPDATE #1:QUICK ANALYSIS: USDCAD:Wave (3) Have Started? +130 pip

In my last post on this pair (see Related Ideas: "QUICK ANALYSIS: USDCAD: Could A Wave (3) Have Started?"), I drew up this scenario #2 and showed a butterfly pattern. I said that if prices broke through resistance, I would wait until the butterfly was completed before taking any positions. Well, that is EXACTLY what happened. The Butterfly was completed and I went SHORT on it. Prices then collapsed and easily reached TP1 on the butterfly good for +130 pips.

But after hitting TP1, prices have quickly retreated back up and are now (as of this posting) sitting on MAJOR STRUCTURE. What is it's next move? Well, I also said that if prices were to break above the B Point line then it is likely that the wave 3 has started. Since that is what happened, then I am expecting more upside on this pair and I'll be watching for it.

MY TRADE PLAN
I have already taken 70% of profits off the SHORT trade because of the completed butterfly. I am letting the other 30% ride down to see if prices will reach TP2. If it does, I'll definitely close out all remaining positions and then wait to see an opportunity to get LONG again.

*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. 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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