Usdcadsetup
USDCAD Harmonic BAT Analysis and StrategyThis pair is currently trading at a major resistance zone and we are predicting the harmonic Bat Pattern will be completed. This signed us to sell the pair and our strategy is to trade the 4th leg of the pattern. Price action has already broken below the yellow trend line giving our strategy confirmation. FX:USDCAD
USD/CAD SETUP Buy & SellChart is an expectation of market setup via gartley pattern.
If market hits target C then;
* SELL at 1.32839
* TP1 at 1.33311
* TP2 at 1.32911
* SL at 1.33800
Note - TP2 at target D in pattern.
If market hits target D after selling at C then;
* BUY on D at 1.32911
* TP1 at 1.33311
* TP2 at 1.33558
* SL at 10-20 pips below X (1.32839)
Note - TP1 on buy = TP1 on sell
Wait till market hits target C first for higher probability of gartley pattern in play, else;
* Use indicators at lower timeframes (e.g. 5mins) for buy up opportunities to target C.
Considerations on where to collect profit;
* Gartley pattern completion can sometimes be annulled after TP1 of sell from target C.
* Gartley pattern D breakout can sometimes finish its run at TP1.
DISCLAIMER;
Trading carries risks, ideas are for guideline purposes only.
Do set stop losses when trading & be generous with how much room allow for candle wicks.
There is also the possibility to hedge yourself, for more confident traders.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Do check related ideas below for those I've guided.
USD/CAD Potential Buys USD/CAD
We have seen price bounce back from the 1.34530 area to 1.32831 where it meets previous support.
We also see a daily inside closure and further upside movement on the pair today.
Further confirmation of the following can be taken in to consideration also.
1 - Daily Inside bar closure above the previous day - shows us buyers are coming into the market further.
2 - Head and shoulders inverse completed on the daily also and can be seen.
3 - The pull back has already taken effect and now waiting for further price confirmation before seeing this pair hit its first TP which is aligned at 1.34530 .
USDCAD with 2 situation in the bagat first this Idea was only looking out for continuation trend so I decided to make long idea first, but I'll provide short idea too because maybe others have different idea too, so why not 2 bird at one stone?
look at plotted Fibonacci Retracement, ploted on uptrend and blue elliotwave point 4 & 5 here price hits sweet spot 61.8% and did boosted up to green elliotwave 1.
and by focusing buy since 3rd blue wave seem to be nice hold till it reach new high.
but have a look back on green elliot wave 1 and 3 where downtrend start to forming, but moving average seem not to be conforming the downtrend so I'll provide short idea in picture on comment bellow.
All the best traders ^^/
USDCAD POSSIBLE LONGGood night traders,
After the break on the bigger structure, the opportunity for a long position could not be unseen.
What we want here is a break in this smaller structure, since we are in a correction.
Before entering we would have to have a good impulsive candle.
After that impulsive candle, we could open a long position and set our TP at the beginning of the bigger structure!
Best of lucks,
GlobalYouthTrading
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