Happy New Year, traders! Here is a trade to consider after the holiday. USDCAD has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed bullish divergence. Entry is taken at the base of the PRZ near trendline support with SL at 1.13XA and target at .5CD and the weekly pivot.
Hey!, thats a good setup, you should go to the 4h chart and analyse the flag pattern.
glennmercer
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Hi Fotalyvaroc I do see that potential bull flag setting up on the larger TF. My current bias is bearish and my higher TF forecast is attached below. If the upper trendline is broken I will consider bullish opportunities. Thanks for your input, you should consider publishing a trade idea!