ForexSignalPort Free USDCAD Crab Pattern : LONG/SHORT Technical Trade

USDCAD Crab Pattern : LONG/SHORT Trade Setup Recommendation : 06 March 2019 (In Play : Booked +68 pips))

A possible Crab pattern may develop on the USDCAD D1 timeframe. Weaker data from Canada and stronger US Dollar has made price rise to the double top area which if broken can take price to the Potential Reversal Zone D of the crab pattern.

Phibase team has setup an automated script to long trades on break of the double top or at reversal from bottom trend-line of the H1 upward sloping channel. Short trade from the PRZ zone offers good risk reward of 1:3 (50 pips : 150 pips).

  • Symbol : USDCAD LONG
  • Analysis time frame H1
  • Original Recommendation Date : 06 March 2019
  • Technical Levels : Upward Sloping Channel and Double Top Break
  • Fundamentals : Weaker data from Canada and stronger US Dollar
  • Potential Breakout Level : 1.3380
  • Target Price : 1.3530
  • Stoploss : 50 pips or below 1.3300 which ever is lower
  • Risk:Reward = 1:3 (-50 pips: +150 pips)
  • Symbol : USDCAD SHORT
  • Analysis time frame D1
  • Original Recommendation Date : 04 March 2019
  • Technical Levels : Crab Harmonic Pattern/Resistance levels
  • Fundamentals : Weaker data from Canada/stronger US Dollar and potential Reversal of Dollar from higher levels post US-China Trade Talk.
  • Potential Reversal Zone : 1.3536 to 1.3560
  • Target Price : 1.3375
  • Stoploss : 50 pips or below 1.3600 which ever is lower
  • Hidden Stoploss : 50 pips or above reversal High
  • Risk:Reward = 1:3(-50 pips: +150 pips)

USDCAD BUY Trade Executed at 1.3377 and closed at 1.3445 (+68 pips). Will re-enter long on successful retest of breakout level.

USDCAD BUY Trade Executed at 1.3408 and closed at 1.3414 (+6 pips). Will re-enter long on successful retest of breakout level.

USDCAD BUY Trade Executed at 1.3393 and closed at 1.2317 (-77 Pips). Trade setup closed due to change in fundamentals (Oil breaking higher) and failed test of breakout level ar 1.3375

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