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Tradingusdcad

Inverted Head and shoulders planOil orice action as I follow it in the WTI has shot up in prices and discovered not only fib resistance zones but horizontal resistance as well around 41-42 price range. Nothing wrong with that except that USDCAD hasn’t followed oil’s price action. Instead it has carved out a very nice inverted head and shoulders pattern . Should the neckline break then we should see 1.33-1.3350 rather quickly. No wonder then I’ve got my first TP zone there. But I also can see a risk off in stocks developing and so a push higher to the 200 day SMA around 1.35 could also be targeted. Personally I like the 89 SMA shown here on my chart in orange. On the down side. With a clear pattern such as this it could just explode by big banks pushing the stop hunt tactics on very clear patterns. Funny how that really happens. I’m leaning on on the pattern build and eventually breaking higher just because of the for mentioned WTI price action. I’ve been building a core all week and taken some quick hit profits on bounces to and above 1.32 while also increasing my position with small average entry prices. As always plan your trade and trade your plan. This isn’t trade advance but my personal trade and planed trade. Use it for education or if you plan to join in on the trade, the risk is all yours. All the best to everyone.
Long
by PipsTradingClub
10-9-19 USDCAD on the verge?Another Forex Trading Snack. I’ve been following the USDCAD for sometime looking and waiting for a great opportunity to possibly trade it. But for some time it hasn’t followed oil, or the other commodity currencies. Currently though it has made a very good looking bullish Flag pattern inside of a bigger triangle, which happens to be inside of a even bigger triangle. I know patterns in side of patterns... the flag pattern looks to have broken higher and looks to be very close to also breaking over the next patterned triangle marked in pink lines. ( flag pattern in gray lines ) Here is the daily landscape view... Now that the chart views are setup, here is what I’m looking for and hoping to do. I’d like to place an order to trade on the daily close to or just above the 1.3350 area. This will have broken not only the small flag pattern but also the pink daily triangle pattern, and this should target the 1.35 ish area or very close to the even bigger black triangle area. That’s the setup and what I believe should be a higher probability trade if and when.... Here is the rub. USDCAD of late has had a habit of having a false break or two and then exploding forward past those false break points. Just look at the gray patterned flag. Knowing this and where we are in the current price action, along with the China trade talks restarting again on the 11th, any positive news or a deal of some limited kind, and this could break higher. Now you know how I’m viewing it and looking at the landscape of this pair. If you trade this idea you are also assuming all risk of loss if there should be any. This is not trading advice, but for training purposes or an education on how I personally try to setup trades. In trading you either make dust or you eat dust. I’d hope you would rather stay out front and be making dust! All the best my trading warriors.
Long
by PipsTradingClub