USDCAD POTENTIAL SHORT - Near Perfect Harmonic Convergences

8 Mar 2017

First the disclaimer. I am very new to harmonic patterns, so take what I say with agrain of salt, and if I am washed up feel free.

This appears to be an excellent set up as we have Two D points from two different converging, and both near the same resistance area. The more harmonic numbers you have converging is a very good sign. Further, the 1.618 extension of the smaller pattern is in the resistance area. Connors RSI is oversold.

Elliot wave Count solid looking like wave is 3 is ending ending.

The only thing I don't like about this set up is the strong "flat top of the last bullish candle, which Carney says is a warning sign.I'm Gonna wait but get your horse ready!

9 Mar 2017

Catatan

We have entered "the Zone" or the "Potential Reversal Zone! Zooming in to the 1h we see conssolidation and price being stymied at the exact point of the convergence point for the two patterns on the daily chart - .78.6 retracement of larger pattern and 1.27 extension of the "inside pattern".

Somethings happening here, what it is ain't exactly clear ( but getting clearer!) We are either going to reverse, or break out to the next higer fib extension 1.618, which as noted earlier, is in the area of the one year highs. 1h Zoom in:



I am going to enter a sell order with the close of a bearish reversal candle on the 1h chart. My stop will be 10 pips above and I will have a reverse buy order sitting there to make the pips back up the other way to the 1.618. Should be a net positive trade no matter which way price decides to move.

Wish me luck!

17 Mar 2017

Trading ditutup secara manual

Price is stymied here so we will take the money and run for 170 pips! Wait for a retrace then join the party again.