On USDCAD 4hr chart we see a bearish butterfly has formed. This is a good time to sell. Look for bearish evidence sell. Use proper money management. All the best
The extended support trendline got retested and making lower highs in Usdcad, this setup can be used by both conservative & aggressive traders as mentioned in the chart. Anyway it got good risk:reward ratio, checking with your trade plan before placing the trades is suggested :)
The USDCAD has reached a resistance and showed up a good price action as a daily candle has closed bearish , and the Stochastic is OverSold at 80 Level . I'm expecting the pair to respect it and go down to touch 1.3320 and then we wait for a new condition .
Check your own ratio's & plan entry ,stops and target accordingly in USDCAD. Bcos in Harmonics everyone is free to use their own ratio's & we cant say this is the perfect ratio Happy Trading !
SELL USDCAD from indicated zone, Risk takers can sell now Good luck
First attempt at a price action analysis. USDCAD 4H chart. Failed to close over resistance level twice previously, looking for another bearish close before entering
We failed to make a new higher close on the daily chart. If we go to the lower 1H timeframe we see a triple top and break of structure to the downside. Therefore looking to short this as a 2618 trade again at the 61.8 fib (technically it is a 3618 ;).. but I dont think that terminology exists). So a good chance again after a failed 2618 trade on the 4H this week...
USDCAD should trade lower in the coming days since it felt resistance at around the 1.3140 level. The entry came shortly after a disappointing US ISM Manufacturing PMI data release.
Good to start Mondays like this... B Point of our pattern is almost near 61.8% which results in deep bat pattern completion just around X, which reduces our risk too.This pattern has very good risk reward , even our initial targets have more than 1:2 ratio. As of now USDCAD is about to complete the bearish bat pattern and its just short of 37 pips from our entry...