Three Drives Pattern
Updated
The arrows indicate drives 1 & 2, both about 90 pips.
The highlighted section shows market consolidation for about 12 hours, ranging about 30 pips. Being that the drives and structure are almost identical, I'm looking for the market to continue consolidating up to about 12 hours then go bullish for the 3rd time for about 90 pips. Thus, completing the 3rd drive.
PS. I've never even really traded this pair so I'm just trying something out.:)
The highlighted section shows market consolidation for about 12 hours, ranging about 30 pips. Being that the drives and structure are almost identical, I'm looking for the market to continue consolidating up to about 12 hours then go bullish for the 3rd time for about 90 pips. Thus, completing the 3rd drive.
PS. I've never even really traded this pair so I'm just trying something out.:)
Note
HIT SLThere was a CAD news release that came out where the 'Actual' was the same as the 'Forecast', therefore creating somewhat of a negative effect, creating a bearish move. XXXCAD are currently bearish, while CADXXX are bullish.
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