we can get short trade if bat pattern has complete
at 1.3433 . or breakdown flag channel
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based on...
On the 4H chart the price has made a steady down-trend and there has been a decending triangle forming. The price also has broken below the 20 and 50EMA which indicates a further downside could be on the way. Since USD data is coming out today, I expect the price on this pair to reach at least 1.33000 which would provide us with a nice 50 PIP short trade.
Looking to short USD/CAD. Pair is testing TL. Previous Support becoming resistance. Testing Fibonacci levels. Stochastic crossing for shorts. Pair might Stop hunt so watch out and use correct Risk Management.
We got a very sharp reversal from 1.36 as wave A and we should now be in wave B, which is unfolding as a temporary 3 wave pullback ((abc)) and might find resistance around 1.34 and turn lower for wave c.
Notice that there is a small gap at 1.34 and we know price has a tendency to fill them.
You can short this pair around those levels with a Stop above 1.366 high...
Thanks for viewing
I got the thought in my head that the pair was worth shorting so entered where the two red dashed lines are and waited. Now, Te upper dashed line was entered before the bounce (while price was still going down).
Soon I will be placing my stop loss at break - even and will just let this one ride. Tentative target 0.88 but it could go much much...
USD CAD is now on day top touched trend line. It can make short opportunity before big move. Lets see what happens.
N.B: Its only the analysis. Please understand your own risks.
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.