In this idea we apply technical to USDCAD 0.08% first approach on this pattern been at weekly timeframe and published on the daily so you all can have a better look at it.
We looking forward to sell high at the very top around the 1.272 extension area. Which comes to be the same are for the -0.27 for the fibo retracement
Pattern is forming and respecting pattern structure, starting with: We see the strcutrure creating higher highs witch second drive ends at 1.272 of first extension Looking the same for the third drive were we are looking forward for kill zone. retirement happen between 0.618 and 0.768 ( end of A) Also we can se a ABCD pattern formation inside the three drives formation as usual in this patterns
Take profit looking forward at the 0.618 of the fibo retracement for the first leg
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Really just waiting CPI news on CAD to get our entry point ready, price could reach 1.272 level or just go down right in the area where it has been consolidating for the past few days.
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Just after CPI news for the CAD, price jump right to our 1.272 fibo extension price, were sell limit was placed. This move making the completion of the AB=CD and Three Drives Pattern.
Trading running already in profits continue to follow this trade in the coming weeks
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After price reaching our kill zone for sellers to start acting, we can see structure start leaving clues and we can se formation of a butterfly pattern usually common on tops or bottoms (depending on pattern trend direction) of the three drives pattern. This Butterfly pattern adds more confirmation for that leg going short. Appears that this move down will not only complete butterfly and three drives but also we help in a potencial cypher pattern on USDCAD
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As expected and published here precio returned to retouch the 1.272 ext for the three drives pattern
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USDCAD trade running +123 pips from our entry point right at the 1.272 fib extension which was completion for three drives pattern and butterfly pattern. Hope you all riding with us this move. +600 pips ahead
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Will hold this trades for the weekend, +230 pips running on profit expect to follow down trend and pullback for reentry the trade
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potencial 2618 trade setup serving as entry for trend continuation
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2618 trade entry running on 140 pips so far in profit, still waiting for support as first tp and -0.27 as second tp as above
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Three Drive pattern n bigger time frame still valid and running +240 pips since our first entry, 2618 may have been a reentry in this trend. Looking at the 0.618 of the three drives pattern as take profit
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Our trade is still running at the moment with a total +380 pips from our first entry at the moment this idea is been updated. We can see a perfect Gartley pattern in the structure that may move price to higher levels.
Outstanding work, precise, clear and educational. My sincere appreciation, Sir!
Deep-Peat-Shark
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Hi. I also had a look at the weekly and I think you are missing an important diagonal trendline at the top that is stopping UC from going any higher and that's why it will be capped at 1.332. Then at the bottom there is a curve bending upwards the diagonal of which it looks like that it will either 1) force UC to be launched up by the monthly C&H or, 2) Break at the trendline and head downwards. A decision which is I think in the hands of Trump and the FED. 1) The US economy is indeed in very good shape and trade wars are ending with positive meetings or, 2) Trump is screwing up international relations and trade wars are out of control. And another million scenarios possible. Let's see where this is going in the next couple of weeks and months, shall we?
btocastillon
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@ArnaudKleinveld, looks like good time to get the high and short the UC
putdejudom
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so this trade at least USDCAD is going to 1.30000 for sure right ?
btocastillon
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@putdejudom, right sure, this would be the highest price could be for the next couple of weeks, so I say good time to short is now