On the USD.CAD 4hr chart we have a potential short opportunity at the D leg completion of bearish Bat setup.
The price reversal zone on this pair is between 1.3480 & 1.3535
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of...
USDCAD has been ranging between a rising support and a strong resistance at 1.32 - Currently a good short at 1.32 and target being the rising support. Also keeping an eye out for the breakout, ill keep you guys updated.
Perfect Bat pattern on USDCAD currently in formation. We also have a strong zone at the same area and the 161.2% and the 88.6% are at the exact same point so we have a few confirmation saying that at 1.33300 we should see a reversal or around that area!
Cypher Pattern will be complete at this level.
I won't take any position until the pattern is
1.347xxx is ALSO a very STRONG AREA.
USDCAD been going side way for more than a week now and I am expecting some bullish movement
from USDCAD because I'm SHORT on CADCHF ... Plus we also have a DOJI on the DAILY CHART!
My sell limit is ready at 1.34700.
USDCAD will see further downside to the D extension at 1.28856.. the daily chart shows a strong downtrend and now USDCAD will be ready to break the monthly support zone at 1.3000 next week
- Stop 20 pips above the C retracement
- Profit target 30-50 pips above D extension at 1.28687
Risk/reward is great Must not miss this trade! ENJOY!
3rd lower lows expected to be made!
When to entry:
1. find a good entry set up on the lower Timeframe (h1 or h4 is recommended)
2. Make sure to have good risk/reward
3. Total target is at 1.28627 (could be less but not lower than the total target)