USDCAD Opportunities (Read Description)
USDCAD, I have been long in this pair for a couple weeks now and has reached my take profits. I do have one position open still. With the current market structure, this market has been able to provide us with structures that can be measured in order to project where price could go. As of right now, after measuring the market, the only valid measurements presented were the ones for a Crab pattern. However, this pattern cannot considered valid until a break of the X point occurs which to be honest after measuring other markets against the USD, I do expect this market to break the X point.
If the market breaks the X point, then the area marked could be an area in where price could start rejecting and rolling over to the downside. Keep an eye on price action around that area. For those in long positions, there is no reason to close them yet until price reaches either the X point or if it breaks, reaches the projected D point.
IT IS IMPORTANT TO UNDERSTAND THAT HARMONIC PATTERNS PROVIDE GREAT RISK TO REWARD OPPORTUNITIES WITH LOTS OF SUCCESS, BUT YOU MUST UNDERSTAND HOW THEY WORK AND WHERE ARE THE AREAS IN WHERE YOU NEED TO TAKE PROFITS SINCE HARMONICS USUALLY ARE BASED ON DEEP RETRACEMENTS OPPORTUNITIES IN THE MARKETS. AFTER THE PATTERN AND REVERSAL IS COMPLETED, THE MARKET COULD THEN CONTINUE WITH THE TREND THAT IT HAD BEFORE. IF YOU DO NOT UNDERSTAND HOW HARMONICS WORK AND/ OR WHEN TO EXIT IT IS TO NOT ENTER POSITIONS.
If the market breaks the X point, then the area marked could be an area in where price could start rejecting and rolling over to the downside. Keep an eye on price action around that area. For those in long positions, there is no reason to close them yet until price reaches either the X point or if it breaks, reaches the projected D point.
IT IS IMPORTANT TO UNDERSTAND THAT HARMONIC PATTERNS PROVIDE GREAT RISK TO REWARD OPPORTUNITIES WITH LOTS OF SUCCESS, BUT YOU MUST UNDERSTAND HOW THEY WORK AND WHERE ARE THE AREAS IN WHERE YOU NEED TO TAKE PROFITS SINCE HARMONICS USUALLY ARE BASED ON DEEP RETRACEMENTS OPPORTUNITIES IN THE MARKETS. AFTER THE PATTERN AND REVERSAL IS COMPLETED, THE MARKET COULD THEN CONTINUE WITH THE TREND THAT IT HAD BEFORE. IF YOU DO NOT UNDERSTAND HOW HARMONICS WORK AND/ OR WHEN TO EXIT IT IS TO NOT ENTER POSITIONS.
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