10-9-19 USDCAD on the verge?Another Forex Trading Snack.
I’ve been following the USDCAD for sometime looking and waiting for a great opportunity to possibly trade it. But for some time it hasn’t followed oil, or the other commodity currencies. Currently though it has made a very good looking bullish Flag pattern inside of a bigger triangle, which happens to be inside of a even bigger triangle. I know patterns in side of patterns... the flag pattern looks to have broken higher and looks to be very close to also breaking over the next patterned triangle marked in pink lines. ( flag pattern in gray lines )
Here is the daily landscape view...
Now that the chart views are setup, here is what I’m looking for and hoping to do. I’d like to place an order to trade on the daily close to or just above the 1.3350 area. This will have broken not only the small flag pattern but also the pink daily triangle pattern, and this should target the 1.35 ish area or very close to the even bigger black triangle area. That’s the setup and what I believe should be a higher probability trade if and when....
Here is the rub. USDCAD of late has had a habit of having a false break or two and then exploding forward past those false break points. Just look at the gray patterned flag. Knowing this and where we are in the current price action, along with the China trade talks restarting again on the 11th, any positive news or a deal of some limited kind, and this could break higher.
Now you know how I’m viewing it and looking at the landscape of this pair. If you trade this idea you are also assuming all risk of loss if there should be any. This is not trading advice, but for training purposes or an education on how I personally try to setup trades.
In trading you either make dust or you eat dust.
I’d hope you would rather stay out front and be making dust!
All the best my trading warriors.
