Here I go again speculating from afar. If you took a look at my monthly analysis of USDCAD you will know that I warned i would do a couple of ideas on shorter time frames which may or may not agree with that previous longer term analysis, here is one of those that do not immediately fall in line with that longer term analysis.
So, what we have here is a potential Bearish Cypher pattern. Price has respected the first three rules of this type of harmonic pattern and is possibly on its way to completion at 1.41363. Now, in my previous longer term analysis I speculated that from where price closed this past week (i.e. 1.26835) we would see more bearishness before we see any bullishness. Clearly, as it stands this analysis is having none of that. This analysis suggests that price is headed for 1.41363 to complete the bearish cypher pattern. Sadly for this pattern, it is not yet complete so for now we have to wait before we can take this idea seriously. It definitely is something to consider and wait and see if it plays out however fundamentals around USDCAD and the closely related Oil and Gold don’t really support this view, BUT, and this is a big BUTT, the market does what it wants and as traders we are here to be at peace with the ebbs and flows and find opportunities to ride on the waves caused by the ebbs and flows taking what we can when we can so I will be keeping this on my radar.
So the trade here would be a SELL position at 1.41363 targeting 1.33383 first and 1.28454 second. This setup, if correct, will take quite some time to complete but hey, more often than not, the trades we wait for the longest are more accurate than the ones we simply get into because of FOMO or boredom. Right? Delayed gratification and what not…
Feel free to critic, newbies and pros alike, however, be nice, I'm a learner, constructive debates please!
Mentors not Trolls!!
So, what we have here is a potential Bearish Cypher pattern. Price has respected the first three rules of this type of harmonic pattern and is possibly on its way to completion at 1.41363. Now, in my previous longer term analysis I speculated that from where price closed this past week (i.e. 1.26835) we would see more bearishness before we see any bullishness. Clearly, as it stands this analysis is having none of that. This analysis suggests that price is headed for 1.41363 to complete the bearish cypher pattern. Sadly for this pattern, it is not yet complete so for now we have to wait before we can take this idea seriously. It definitely is something to consider and wait and see if it plays out however fundamentals around USDCAD and the closely related Oil and Gold don’t really support this view, BUT, and this is a big BUTT, the market does what it wants and as traders we are here to be at peace with the ebbs and flows and find opportunities to ride on the waves caused by the ebbs and flows taking what we can when we can so I will be keeping this on my radar.
So the trade here would be a SELL position at 1.41363 targeting 1.33383 first and 1.28454 second. This setup, if correct, will take quite some time to complete but hey, more often than not, the trades we wait for the longest are more accurate than the ones we simply get into because of FOMO or boredom. Right? Delayed gratification and what not…
Feel free to critic, newbies and pros alike, however, be nice, I'm a learner, constructive debates please!
Mentors not Trolls!!