2 Possible Outcomes

Hello traders! Following up on our dollar-cad trade,we just hit target 2 at the B point of our deep crab reversal pattern. Now we are watching this pair to see if we can take a short opportunity at the completion of this bat pattern that is possibly developing. This is still a minor up trend so it could be a small correction opportunity. The B point for this bat pattern is precisely at the 50% X-A retracement which is critical for the validation of this patter. However, we are seeing a possible Cypher pattern as well which is not shown in this chart. If prices are rejected by the 1.414 extension, a Cypher pattern is possible which will setup the D point near the trend-line for a reversal buy opportunity.

Trade smart, don't gamble!