The sell-off in USDCAD could be coming to an end at the 70.70% retracement level with stochastics firmly in oversold territory.
We've noted a 1.272% extension of the impulse leg down (green box shows 1.272 - 1.414 Fib levels) which would suggest a move up to around 1.27200 to complete the pattern.
A break and close below 1.25130 will invalidate this pattern, and we are looking for a reversal sign between 1.27200 and 1.27700 before shorting this pair in the direction of the prevailing trend.
All the best,
Mase.
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Price pushed below the 1.25100 level invalidating this trade plan. We are now looking to a longer term bullish Bat pattern completing at 1.24600:
Order storniert
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Kommentar
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The larger Bat pattern has now completed.
Congratulations to our clients that have taken 190 pips off the table at 2nd targets this morning for a fantastic 3.2:1 Reward to Risk trade.
A quick look at USOIL suggests that this pair has more upside left in it so instead of taking our second targets, we have rolled our stops up to try and profit from a longer term move north.
Thank you for the good description. I look forward for this setup. Hope your analysis turns true.
Mase_00_7
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@shafsworld, no problem, and thank you for your comment.
[B]IF price finds its way up to the 1.27200 level then we have a plan.
[B]IF[/B] price breaks below 1.25130 then we also have a plan to sell this on a trend continuation basis.
Good luck :)
shafsworld
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@Mase_00_7, Now that it has broken. What shall we do. It is so down, I am scared even to sell. Keeping the same idea I am not selling believing it will start to rise at some point.
Mase_00_7
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@shafsworld, we wait, form a new plan and let price come to you. See my updated USDCAD trade plan here -
Mase_00_7
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@shafsworld, hopefully this will help. Please remember that you should never trade without a plan. If you can't create a trade plan for the pair you are looking at, don't trade it.
shafsworld
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@Mase_00_7, Thank you mate you are so nice. You posted such valuable info. I look forward to gain some based on your analysis. I need help.
Mase_00_7
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@shafsworld, No problem. Remember to trade on a demo account until you become profitable, and only then move to a live account.