In my previous analysis on this pair (see Related Ideas: "QUICK ANALYSIS: USDCAD: Still SHORT? Be Careful! ") I had said I would wait for prices to come down more and to fill that DAILY Cypher I had identified. Prices have done just that. I waited for some bullish PA before triggering a trade and that is why I did not get in exactly at the D point fill.
(*NOTE: Although on TV's data feed, it missed the cypher by 1 pip, on my broker's data feed, it has filled. Because there is not central data feed and there are discrepancies between platforms, I use a +/- 5 pips to determine a pattern fill)
If you notice, my TP1 is at the retest of the former triangle's upper TL extended. I am not taking TP1 there because of that. That point happens to be the .382 retrace of the previous down trend which is the standard TP1 for harmonic patterns. I will freely admit that I am still working on the overall wave count for this pair as it is rather confusing even still. There are several way that the wave count could go. Including that the highs could be the top though I disagree with that wave count. But regardless, there are other wave counts different than what I have but they all point up for now.
MY TRADE PLAN I am now LONG on this pair looking for TP! and 2 of the cypher pattern. If/when prices do reach TP1, I will be re-evaluating the situation and seeing whether to hold or bail on this trade. My stops will go below where I currently have the wave 2 ending on my wave count as dropping below that will definitely prove my wave count to be wrong.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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how do u project time zone for profit taking like in 12 hrs it will reach any indicator?
EverythingForex
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I don't use any time measures for my trades or setups. They either hit my TP's or hit my SL. Regardless of time.
daytraderjames
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USD/CAD is now at 1.30247, so it broke through most support levels that you mentioned in the analysis. Do you still believe the position is likely to become profitable after all? A few months ago, the currency was at 1.24 something.
EverythingForex
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When i take a trade, I always believe it will work....until I get proven otherwise by getting stopped out. Otherwise, I would not take a trade if I doubted it. I'm not always right of course but oftentimes, it does work for me. In this trade, right now, it looks like a bad one. If it is, oh well. Take a loss and move on to another trade. BUT I've learned that NEVER jump out of trade before it gets stopped out. Reason? Because f you have your stops IN THE RIGHT PLACE, then if you get stopped out, it's for a good reason. If you jump out of a trade before it gets stopped out, then you are doing so out of FEAR. Something no successful trader does is trade on emotions. Trading needs to be mechanical. How many times do you jump out of a trade before it gets stopped out (provided again, you have the stops in the RIGHT PLACE) just to watch prices then turn around and go in the direction of the trade? Make that rule part of your trading plan. Don't close a trade before it gets stopped out! Let your stops do it's work.
mrdspa
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So true
dzhuang
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Still in this?
EverythingForex
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Until I get stopped out.
muneergohar
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Hi there....Would kindly tell me that the wave two is the one that is marked 2 in red colour....correct me if i am wrong?