Long USDCAD: Bat + Butterfly + S/R + Trendline + Pivot
Updated
Happy New Year, traders! Here is a trade to consider after the holiday. USDCAD has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed bullish divergence. Entry is taken at the base of the PRZ near trendline support with SL at 1.13XA and target at .5CD and the weekly pivot.
Confluence in the PRZ:
Confluence in the PRZ:
- Bullish Bat
- Bullish Butterfly
- 2BC Projection
- 1.272AB=CD
- Unhit weekly pivot coincides with .5CD
- S/R Zone
- Trendline support
- Bullish RSI Divergence
Trade active
Trade closed: target reached
Target achieved: +37 Pips
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