Tracking & taking the USDCAD short
Our student community were tracking this trade closely. USDCAD showed us a bearish Bat pattern early on 28th/29th Nov. By putting in the common momentum indicator MACD, we could see that the up move was still strong. Managed to stay patient and held off on the trade.
The on the 1st Dec, the bigger Bearish Gartley pattern completed at 1.2857/67. Price went higher to touch PtX before it collapsed.
Where will this be heading? Since I am already in the trade, I am hoping this will drop further next week. Looking at the weekly charts, next support level is at 1.2430, followed by 1.2150. Using the AB=CD projection, we could have a stretched target of 1.1556. However this will definitely need some time to play out.
Congrats to those who have taken the trade. Else not to worry, the market is always there, let's look forward to the next potential trade setup.