USDCAD Weekly Stalking long trade within Demand Zone
USDCAD Weekly
As you can see USDCAD has corrected in a large 3 wave move down, into what is very close to a long term wave 4
In this zone there is a wide area of demand coupled with a few Fibonacci cluster levels for harmonic patterns... namely butterflies...
The challenge I always have with butterflies is defining the risk, and I usually wait for a candle or pattern confirmation to give me a good entry with a very tight stop. Given the size of the move - there is significant upside if I can time it correctly, but for now I'm sitting on the sidelines waiting for the market to tell me when to get in... by defining my risk for me
May miss out on this, but in my opinion we are near support and I'd rather wait for a clear signal with low risk and get in with a very high R:R potential
As you can see USDCAD has corrected in a large 3 wave move down, into what is very close to a long term wave 4
In this zone there is a wide area of demand coupled with a few Fibonacci cluster levels for harmonic patterns... namely butterflies...
The challenge I always have with butterflies is defining the risk, and I usually wait for a candle or pattern confirmation to give me a good entry with a very tight stop. Given the size of the move - there is significant upside if I can time it correctly, but for now I'm sitting on the sidelines waiting for the market to tell me when to get in... by defining my risk for me
May miss out on this, but in my opinion we are near support and I'd rather wait for a clear signal with low risk and get in with a very high R:R potential