Usdcad Resultant Triangle.....Another Trading Opportunity!

Wow!....Usdcad has continued its business from where it stopped in 2014 ---Spinning Pips for me! 

 

The last post I did here was about how I took 180pips of the 60% of my exposed lot (The other 40% stopped out at 100pips. 

 

Not bad for a trade of 85pips risk) ,while I watched out for the neckline of an emerging double top whose breakout is expected to be part of the long term bearish movement forecast.

 

I always noted something: as more price data are added, price tend to show us clearly what next is expected and we can follow through with substantial evidence until we have none.

 

The bearish expectation spurned out from the analysis I did on the weekly chart where I spotted an end of a flat correction with reversal candlestick analysis. 

 

You can read the analysis here.

 

With the current intra day price data, what we are having presently is a corrective pattern- A corrective triangle to be precise. 

 

If price breaks this triangle to the upside we could see a real bullish movement ..Did I say bullish..yes! I have a bullish intra day thought against the bearish forecast because that is what price is saying to me at the moment.

 

 Besides if the triangle breaks up and reach 1.3( the next resistance) and its neighborhood, the flat correction is still intact and I can continue from there as price directs.

 

 

I will wait and see how price validates or invalidates this triangle and the alternatives it presents

 

I will be here to update you