I posted two recent predictions on this pair. The first one (see Related Ideas: "USDCAD: Wave 4 Is Well Underway....When Will It End?") mentioned about the wave 4 having started and that prices were tracing out an expanding triangle pattern and that it was about to hit the e point of that triangle. It has done EXACTLY as I predicted so far. So by my analysis, prices are moving up in a wave B (red) of the ABC wave 4. I'll be watching for it to reach the upper trend line of the expanding triangle to see if there will be any bearish price action there that might point to the wave C of wave 4 starting, at that point, I will look to sell and get SHORT for the wave C down to the end of wave 4.
In my second recent post which was an update (see Related Ideas:"UPDATE #1: USDCAD: Wave 4 Is Underway. But First, A Bullish Bat"), I showed a bullish bat pattern (blue) that was developing that I thought might mark the end of wave A of the ABC wave 4 but prices never reached that far to fill that bat before reversing up in a wave B. I also mentioned that when that bat got filled, I would get LONG for the wave B because it would be a trend trade regardless of what my wave count was since there is no 100% guarantee my wave count is correct. BUT...since prices never go there, my buy orders were never filled. Seems this pair has come up short on a few patterns lately! Remember the 2 bearish bats I posted before that never got filled?
So now I am again just waiting for the next trade opportunity in this pair.....
*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. 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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Looks solid, hopefully it'll line up for a nice trade as i missed the trade on the uptrend.
EverythingForex
⋅
Haha! That makes two of us, Viktor! I missed the trade for the recent down leg (wave A) because it just missed filling my bat pattern by 5 pips which would've turned out to be a +220 pip trade and now I missed out on buying this wave B because it missed filling the bullish bat by a few pips! It's really teasing me!...;-( I'll try to catch this wave C down though...GL!
Scallywag
⋅
Same here, i was looking for it to fill the pattern but it turned around just before that =(. Nice prediction tho, thanks for sharing it!
Hopefully we can get a solid +220 on the downtrend instead=)