Here the CAD has finally created a clear LCT candle on the daily. The rules I use tell me that the yellow highlighted bullish pattern and the white highlighted bullish pattern are both left wings on larger bullish patterns. The price structures that I normally trade are the CURCT and the RCT but both are DUS's they are just a higher probability DUS because they have a few elements added. On the most basic level every trade I trade is a DUS price structure. My system on this particular price structure calls for a large stop (although I don't think price will break the previous Daily swing high). Still if I were going to short this price structure, I would have my stop in the 1.3000 area.
What I have been watching for a couple months now is the huge bullish RCT price structure that will form if both these bullish patterns complete in the 1.2350 area. That price structure is huge, and it should provide a fantastic RR trading opportunity.
There is a similar price structure on the USDCHF which I am holding a short position on, and I am trading it down into a large bullish RCT price structure which would take form in the .9000 area.
Either way if you have been following my ideas the reason, I have been trying to catch a short position on the CAD is because my system tells me both these highlighted bullish patterns are left wings on larger bullish patterns. Also, I have been watching the very large bullish RCT price structure forming for some time now which will take form if price reaches target area I have defined here.
What I have been watching for a couple months now is the huge bullish RCT price structure that will form if both these bullish patterns complete in the 1.2350 area. That price structure is huge, and it should provide a fantastic RR trading opportunity.
There is a similar price structure on the USDCHF which I am holding a short position on, and I am trading it down into a large bullish RCT price structure which would take form in the .9000 area.
Either way if you have been following my ideas the reason, I have been trying to catch a short position on the CAD is because my system tells me both these highlighted bullish patterns are left wings on larger bullish patterns. Also, I have been watching the very large bullish RCT price structure forming for some time now which will take form if price reaches target area I have defined here.
