USD/CAD: Possible flag breakout, harmonics and fib targets

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
382 8 13
It's probably a good idea to wait if we can stay above the flag structure and trade the breakout out of consolidation but I'm already long with a small position... ;-)

If the breakout is confirmed I will add longs. Possible targets depicted as reference and based on the possible development of an AB=CD pattern and fib extensions and projections. SL below the 4H candle low and the 1.4500 level, wider SL should be placed a bit below the low inside the flag pattern .

Thanks to Anil Mangal for signalling the flag pattern (https://www.tradingview.com/chart/USDCAD/sU7TzPUo-USDCAD-Bull-flag/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_publish)!
Trade active: Closed the biggest part before the rate news to be sure, back at my entry now...
Trade closed: stop reached: Partial profits booked before the news!
So we opening this trave right now ?? from this price ? thanks
KVE Robenbianof
Nope, not me, I entered when I posted the idea yesterday and took profits before the news, I have a small long still open and am now waiting to see where it wants to go, it's a bit soon after the new spike now to risk adding longs for me.

If we count the spike as a re-test of the broken flag structure then indeed it might be opportune to look for more longs but I am waiting for more confirmation now.

I still think we will continue up but I'll wait for a new setup to add!
+1 Reply
so i will wiating ?
KVE Robenbianof
Hi, that's totally up to you! I cannot decide that for you, I can just tell what I will do, which is indeed waiting for confirmation or new setups. For me the AB=CD completed since PA reversed at the 1.27 ext., so there is no real reason anymore for me to act on this same idea.

A word of advice: Please don't base trades on any idea's that are not yours, that's very dangerous imo... You should first of all trade based on your own idea and use this platform and the posts of it's contributors for inspiration only.

Please note that I still consider myself as a newbie and am posting my idea's mainly for myself, as in a trade diary and they are, as such, not to be used as trade advice or trade calls for anyone other than myself.

Cheers, good luck in trading and thanks for your attention and reactions!

Nice Chart
Nice chart !
KVE nl88
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