We got an impulse down followed by a correction higher, meaning lower prices are coming.
Price is currently testing the 78.6% Fib level, if it holds, we should see an impulsive wave to the downside.
This count gets invalidated if goes above 1.3470
I am looking to Short FX:USDCADto 1.33100 Range for TP (150 Pips)
Based on the Harmonic Pattern, the TP lies around the 50% Retracement on Fibonacci
This is not a recommendation by me to take this trade
Chart submitted for educational purposes
Had to add bigger shorts due to impatience going to cover my premature shorts bc im looking for a dead cat bounce that will allow me to re enter shorts at better entry, but im keeping my big shorts at top bc I don't think it will hit new highs in 2019 why loose that position?
A doji star formed at weekly chart so I placed two stop orders:
1- Buy stop at doji high, Stop loss at doji low and take profit at resistance
2- Sell stop at dojii low, stop loss at doji high, take profit at a support formed in May 2018
This idea is based on my researches, do your own study and don't invest based on this idea only.
If you like my scripts...
USDCAD pulls back after breaking a support. Respects downtrend line. There is an inside bar formed on 1Day and 4H time frames. Planning on initiating a trade upon inside bar breaking to the downside. Im going to close half a position at 1:1 risk reward ratio and the other half at 1:2 or let it ride, Depending on price action.