This is me simply speculating where USDCAD will go in the future. Obviously the market does what it wants however balancing the concepts of uncertainty and efficient markets one can still speculate right?
So, on this monthly chart, from a birds eye view the first thing that pops out is that huge completed Bearish Harmonic Gartley Pattern. Any pattern trader will confirm that these patterns are not always precise to the fib levels that guide the formation of these patterns so yeah, cut me just a little bit of slack on that lol! In fact, the thing is, I use the Swing high low support & resistance indicator by Patternsmart.com to guide where I plot the points of my harmonic patterns as a filter so that when I am plotting I do not ignore key levels so they hardly ever end up perfectly hitting the 61.8 retracement or any other precise fib level. Ok, moving on, so big bearish gartley pattern there, if I was a trader at the end of 2015 I would have entered a long term trade SHORT at 1.43119 looking to hit the 38.2% retracement at 1.24425 (which price hit this year in July) then the 61.8% retracement at 1.12916 which is yet to be hit.
Now, I still believe the 61.8% retracement will be hit but I base that view purely on this chart, Trump's presidency and a hint of black magic that I use to help me analyse charts lol!. To justify my belief that the 61.8% retracement at 1.12916 will be hit, I am trusting the second harmonic pattern I have plotted there and a subsequent ABCD pattern. I predict that price will move lower as it completes the CD leg of that smaller Bullish Gartley pattern and complete at 1.18670 which is the 50% retracement level of the CD leg of the big bearish gartely pattern (sounds like the name of a monster). If this completion happens the next thing will be a bullish move to 1.31544 i.e. the 23.6% retracement of the big bearish gartley pattern which is also the 61.8% retracement of the small bullish gartley pattern. After that, price will move downwards and finally hit 1.12916. The ABCD pattern there is just me looking for more justification for my view.
This is so extremely speculative because the market does what it wants so please do not take this analysis too seriously, its just like any other analysis, 50/50 chances until confirmed. I will be doing more of these birds-eye-view analysis so if these interest you please do not hesitate to let me know. I mean if I am right I'm sure a couple of Option Traders will benefit from these. Also look out for my Weekly, Daily and 4HR analysis which may or may not agree with this view. Lol! Ideas right?
Lastly, I regard myself a student of Technical Analysis not a Pro, so if you disagree with me because you have more experience please be a mentor not a troll. Thanks!
So, on this monthly chart, from a birds eye view the first thing that pops out is that huge completed Bearish Harmonic Gartley Pattern. Any pattern trader will confirm that these patterns are not always precise to the fib levels that guide the formation of these patterns so yeah, cut me just a little bit of slack on that lol! In fact, the thing is, I use the Swing high low support & resistance indicator by Patternsmart.com to guide where I plot the points of my harmonic patterns as a filter so that when I am plotting I do not ignore key levels so they hardly ever end up perfectly hitting the 61.8 retracement or any other precise fib level. Ok, moving on, so big bearish gartley pattern there, if I was a trader at the end of 2015 I would have entered a long term trade SHORT at 1.43119 looking to hit the 38.2% retracement at 1.24425 (which price hit this year in July) then the 61.8% retracement at 1.12916 which is yet to be hit.
Now, I still believe the 61.8% retracement will be hit but I base that view purely on this chart, Trump's presidency and a hint of black magic that I use to help me analyse charts lol!. To justify my belief that the 61.8% retracement at 1.12916 will be hit, I am trusting the second harmonic pattern I have plotted there and a subsequent ABCD pattern. I predict that price will move lower as it completes the CD leg of that smaller Bullish Gartley pattern and complete at 1.18670 which is the 50% retracement level of the CD leg of the big bearish gartely pattern (sounds like the name of a monster). If this completion happens the next thing will be a bullish move to 1.31544 i.e. the 23.6% retracement of the big bearish gartley pattern which is also the 61.8% retracement of the small bullish gartley pattern. After that, price will move downwards and finally hit 1.12916. The ABCD pattern there is just me looking for more justification for my view.
This is so extremely speculative because the market does what it wants so please do not take this analysis too seriously, its just like any other analysis, 50/50 chances until confirmed. I will be doing more of these birds-eye-view analysis so if these interest you please do not hesitate to let me know. I mean if I am right I'm sure a couple of Option Traders will benefit from these. Also look out for my Weekly, Daily and 4HR analysis which may or may not agree with this view. Lol! Ideas right?
Lastly, I regard myself a student of Technical Analysis not a Pro, so if you disagree with me because you have more experience please be a mentor not a troll. Thanks!