USDCAD (Deep Crab, Cypher and Butterfly Pattern) -4h Chart

17 juin 2018

Confirmations for Deep Crab Pattern:
A-B leg can retrace anywhere between 0.382 up to 0.618
B-C leg can retrace 0.382-0.886 of AB leg
C-D is an extension of up to 1.618 of XA leg
Take profits at 0.382 and 0.618 (Fibonacci D-C).

Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)

Butterfly Pattern:
- A-B must touch 0.786, but cannot exceed X
- B-C touches 0.382, but sometimes goes further (does not exceed A)
- ABCD formation. D has to reach outside X and touch 1.272 or 1.618
- First TP at 0.618 (Fibo D-C)
- Second TP at 0.382 (Fibo D-C)

I expect price to be bearish around this area (1.618) for Butterfly Pattern iniciation and long term sell.
Good Trading - 4h Chart

18 juin 2018

Note

Cypher Pattern in 15min:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)

We can see it made some type of Double Top by having a resistance and retest, with this Cypher we can look por bearish entries.
Good Trading - 15min Chart

18 juin 2018

Note

Cypher idea extended for a type of Deep Crab Pattern, which price extended towards 1.618 retracement and a good retest at 4h trendline.
Good Trading. -15min Chart

18 juin 2018

Note

Double Top at 4h trendline confirmed bearish impulse and reacted, now we can expect some type of ABCs or consolidation for bearish continuation.
Good Trading. -15min Chart

19 juin 2018

Note

Bearish continuation wit ABCs, C point at 0.618 where it went bearish.
Good Trading. -15min Chart

19 juin 2018

Note

Second TP of the minor Deep Crab Pattern was reached and went bullish looking for a higher high.
With Trend Based Fib Extension we get 1.618 at top where price is consolidating for strong resistance and bearish continuation
Good Trading. -15min Chart

19 juin 2018

Note

Three Drives Pattern with 3 clear Higher Highs and two consolidations for each impulse, we can even see previous minor Deep Crab was a pattern inside Three Drives. I expect some consolidation at top for bearish iniciation.
Good Trading. -15min Chart

20 juin 2018

Note

Structure is still looking for a good higher high before going bearish, there's still a possible bullish impulse with this Ascending Triangle, we can se 5 clear points with ABCDE and price could still make one last move.
Good Trading. 15min Chart

20 juin 2018

Note

Ascending Triangle was suspended and price continued with a minor Highger High forming a Double Top for our bearish movement, we can also see divergence inside MACD for bearish confirmation.
Good Trading. 15min Chart

20 juin 2018

Note

Inside Consolidation
Good Trading. - 15min Chart

21 juin 2018

Note

Consolidation has been impressive by forming several harmonic patterns inside Ending Channel, we can see 5 important points inside this channel, it could of been an Ending Diagonal, but it became a major consolidation inside channel and ending diagonal's mostly have 5 clear impulses.

0 to 2 :
Between this points we can see ABCDE and ABC Patterns, which gave us previous bullish Ascending Triangle.
2 to 3 :
Butterfly Pattern was formed respecting each fibonacci retracement and went bearish completing its pattern and gave us point 4.
3 to 4 :
Cypher Pattern was formed respecting each fibonacci retracement and D completion being at point 4.
4 to 5 :
Here we have to patterns starting with a bullish Gartley forming an ABCD pattern inside the Gartley for D completion (bullish entry).
Second pattern was a Bat with same ABCD pattern formation inside, this was perfect for bearish entries at point D where point 5 of the Ending Channel is
5 and bearish:
Right away we got a fast formation of a Cypher Pattern, D completion is about to hit the zone, which is pretty much near resistance (Higher High)
Good Trading. - 15 min Chart

21 juin 2018

Note

We can see a major Cypher Pattern inside point 4 to 5 of the Ending Channel.
Cypher Pattern in 15min:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
- Third TP back to point C
We can see each requirement being respected and third TP about to be completed at top, back to point C and resistance (Higher High)
Good Trading. -15min Chart

21 juin 2018

Note

Minor Cypher Pattern reacted right away when D reached 0.786 - 0.886 area, we can see a straitght bearish impulse and MACD rejecting trendline.
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
Each point of the pattern was respected and is why price reacted hard at 0.786 area. At this point prica can stil go up and make a double top or make some type of flag to confirm bearish continuation, if not let's look for Higher High.
Good Trading. 15min Chart