USDCAD - continuation
Updated
Blew up previous short term trade, let's see what are prospects for this pair.
With CAD currently being weak and USD deciding what to do, I'd go with longs for this pair.
Trend based Fib extension is showing crucial resistance at 1.3720 (the blue one on below images). This level is also 0.786 of the previous drop.
If/when 1.3720 will get broken, 1.3900 is my level of interest for TP. There seems to be a strong confluence - previous support area, level 1 of Trend based Fib extension, -0.618 to -1 area of the last rise from below of the rectangle to the last seen high, and harmonic point D.
Now the main question is from where should we track this 1.3900 TP level of ours.
At the first sight, the two green boxes at/below 1.3600 seem to make sense, if 1.3720 won't get broken too strong/too fast.
If it will get broken for real, 1.3800 would a be nice place to retrace - in this case I'll try to enter on every pullback.
But this is all speculation at the time being, so let's stop here and see what it will bring to us :)
Daily:
4h condensed:
4h harmonic:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
With CAD currently being weak and USD deciding what to do, I'd go with longs for this pair.
Trend based Fib extension is showing crucial resistance at 1.3720 (the blue one on below images). This level is also 0.786 of the previous drop.
If/when 1.3720 will get broken, 1.3900 is my level of interest for TP. There seems to be a strong confluence - previous support area, level 1 of Trend based Fib extension, -0.618 to -1 area of the last rise from below of the rectangle to the last seen high, and harmonic point D.
Now the main question is from where should we track this 1.3900 TP level of ours.
At the first sight, the two green boxes at/below 1.3600 seem to make sense, if 1.3720 won't get broken too strong/too fast.
If it will get broken for real, 1.3800 would a be nice place to retrace - in this case I'll try to enter on every pullback.
But this is all speculation at the time being, so let's stop here and see what it will bring to us :)
Daily:
4h condensed:
4h harmonic:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Order cancelled
Didn't come as low as I was expecting. Too bad.
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