USDCAD BIG drop ahead
Updated
We have been following the usdcad structure, same structure that indicates big drop for the USDCAD, we can see several pattern confirmation on the charts that gives a clear idea from where price will start the drop. First we have a three drives pattern that have identify and review on previous idea.
As usual in the three drives pattern, on tops/bottoms advance Butterfly pattern formation is common. We can see a perfect and symmetry Butterfly pattern on chart right on the top and in the Three drives completion point. This harmonic pattern gives average of 400 to 450 pips to catch in the first part of this short.
Also, we can see a potencial Cypher pattern formation if prices reaches 0.786 fibo retracement with the big drop we can see ahead. This move could happen in the next couple of weeks.
As usual in the three drives pattern, on tops/bottoms advance Butterfly pattern formation is common. We can see a perfect and symmetry Butterfly pattern on chart right on the top and in the Three drives completion point. This harmonic pattern gives average of 400 to 450 pips to catch in the first part of this short.
Also, we can see a potencial Cypher pattern formation if prices reaches 0.786 fibo retracement with the big drop we can see ahead. This move could happen in the next couple of weeks.
Trade active
Price retouch the D point for the butterfly pattern and C for the Cypher pattern, where we can si fibo ratio confirmation to entry this trade Note
trade running +123 pips from our entry point right at the 1.272 fib extension which was completion for three drives pattern and butterfly pattern. Hope you all riding with us this move. +600 pips ahead Note
Trend continuation to the downside Note
2618 trade setup to trend continuation to the downside Note
2618 trade entry running on 140 pips so far in profit, still waiting for support as first tp and -0.27 as second tp as above Trade active
Previous 2618 setup for reentry was valid and continuation of the butterfly pattern continues. So far +333 pips in profit looking forward at the second take profit right at the 0.618 showing in the chart. Still looking forward this move to he downside gives the last leg of the Cypher pattern was posted in the idea, enjoyNote
Gartley formation in the H4 time frame, we can see perfect symmetry and prices looking for higher structure levels.
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