USD CAD Showing Bullish BAT Harmonic Pattern
The pattern consists of five points, labeled X, A, B, C, and D, with specific ratios between price levels.
The price movement in the pattern moves from point X to point A, then retraces to point B. From point B, the price moves to point C, a lower low than point A, and then to point D, the potential reversal zone.
Point D is where traders look for price action signals to confirm a trend reversal, and it is often a key level of support or resistance.
It is most likely that USDCAD is currently displaying a Bullish BAT Harmonic Pattern, with point D as a possible reversal zone to monitor for trading opportunities. However, traders should always perform additional analysis to confirm the pattern and manage risks accordingly.
However, I am taking a short entry on the USDCAD until there is confirmation of the D point in the Bullish BAT Harmonic Pattern. By taking this approach, you can potentially profit from any downward movement in the price while also being prepared to pivot to a long position if the pattern is confirmed and signals a bullish reversal.
The pattern consists of five points, labeled X, A, B, C, and D, with specific ratios between price levels.
The price movement in the pattern moves from point X to point A, then retraces to point B. From point B, the price moves to point C, a lower low than point A, and then to point D, the potential reversal zone.
Point D is where traders look for price action signals to confirm a trend reversal, and it is often a key level of support or resistance.
It is most likely that USDCAD is currently displaying a Bullish BAT Harmonic Pattern, with point D as a possible reversal zone to monitor for trading opportunities. However, traders should always perform additional analysis to confirm the pattern and manage risks accordingly.
However, I am taking a short entry on the USDCAD until there is confirmation of the D point in the Bullish BAT Harmonic Pattern. By taking this approach, you can potentially profit from any downward movement in the price while also being prepared to pivot to a long position if the pattern is confirmed and signals a bullish reversal.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.