We are predicting the formation and completion of the Gartely pattern as seen on the 4 hr chart. We are short here and our strategy is to trade the 4th leg of the formation with a stop set at the red zone. FX:USDCAD
Price has been pushing down while forming LHs and LLs on the smaller time frame, my entry was based on the H4 close which broke 1.34200 and pushed up for liquidity forming another LH on H1 as it retested it's broken support. My goal is to ride the current market momentum to the daily demand zone for a 1:3.
Last week, GU broke a major demand zone and we are going to see this zone get a retest. I've analyzed this move with extra confluences.
My entry level lines up with: The weekly zone, 50% fib, trend line touches,14 EMA on the daily and M30 retest on the lower time frame.
Nothing is ever written in stone while trading, if i'm stopped out, I've marked the next best...
USDCAD broke out the multi sessions uptrend line, current price actions seems like to be retesting the broken trend line where I am expecting fresh falls to be coming in, or an alternate scenario could be to trade with a sell stop order once it breaks the area i marked on the chart.
USD/CAD is breaking through the ascending trend line right now.
This is looking like a great short. Im personally going to wait for a retest of the trend line before entering this trade.
If we retest and the trend line holds as resistance then I believe 1.32 will be met very quickly, I feel long term we could be seeing this pair come all the way down to 1.28
USDCAD is almost at the Resistance level of 1.34300-1.34400. If the Resistance level won't be broken we can expect a drop to the first Support level of 1.33500.
If the Resistance level can not hold we could see a raise to our first target of 1.35350.
Goodluck trading and follow me for more analysis!
In daliy sheet ,USDCAD have borken the channel ,it is not a chance to short it ,let's see the harmonic patterns ,if it could make the prices pull back to the 0.382 ,and see what happens at the area then do a short position .