AT MARKET GARTLEY SHORT ON THE USDCADAs we come to the close of the week, the markets have been extremely quite. However the has been a few trading opportunities this week despite the calm. I want to look at the USDCAD bear gartley pattern that is currently on market. Personally due the risk factor i can't trade it. Stops on this one line up pretty well close to structure giving you a good reward to risk ratio. My motivation is if we see resistance hold then i would look to short this bad boy all the way down.
Good Trading Guys
786 Fibonacci Retracement
Short end-of-day trade set up on AUD/CADConfluence of factors for short set up:
- resistance at ~0.9590 (also weekly resistance)
- inside bar formation in pull back below resistance
- 0.786 Fibonacci retracement/rejection
- hidden divergence (bearish trend continuation)
entry - below low of inside bar
stop loss - above mother bar
target - previous swing low or 1.272 Fibonacci extension