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A possible harmonic pattern on the Usd/Cad.
Now this is one currency pair which is a two faced devil. It will meander along steadily & suddenly turn around and bite you.
I compare it to a roller coaster ride. If you are on the right side of it, then enjoy the ride. But if you are in the wrong side…then God help you -:))
Getting a good technical setup on the looney is like hitting a jackpot -:)
We could be looking at a bullish Gartley on the daily time frame & I want to make one point here. Due to its volatile nature, its best to look for setups on the Looney on higher time frames.
I have enclosed the chart of the possible bullish Gartley and there are still lots of "Ifs & Buts" to this setup.
Again, my reason for looking for a possible harmonic pattern is the precise retracement to the 61.8 fib level…which sets the tone for further moves.
Its something worth keeping an eye on.
Sunil M
Hi Sunil:
Proactiveness in harmonic patterns is essentially tracking the price patterns within Fibonacci retracements/ extensions, and this just gets fascinating with every twists and turns!
I just wanted to bring to your attention EURUSD daily chart, where Bullish Gartley pattern has just completed the point D, where X=1.5610, A= 1.6035, B=1.5783 (XA*61.8%), C= 1.5943 (AB*61.8%), D=1.5670 (XA*78.6% ). Based on these scenarios, Target 1 = 1.5774 (CD*38.2%) and Target 2= 1.5839 (CD*61.8%). Most Importantly Stop loss is 25 pips under X.
Please share your view!
P.S.: I could not attach a chart, which would have been much easier to visualize and understand. Please explain the procedure to attach a chart, if possible.