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-USD CAD-

What made us enter long.

We have been observing the USD CAD for a couple of months now, expecting it to change trend

and start going up.

This is what we saw on Feb 6, 2011 – A daily chart

This is the same view on a 6 Hours chart

We checked the USD CAD on every webinar to see its advances and to

check whether our trend line is broken or not...

We also observe certain patterns. We specifically search for patterns associated with ‘Harmonic trading’.

‘Harmonic trading’ has to do with the proportions of the prior waves

to one another and the patterns that they leave behind.

When these recognizable patterns are observed, the likelihood of a

change in trend increases .

This approach works best when it occurs on several time frames all pointing in the same direction, all

at the same time.

Luckily, we have an indicator that helps us

find these areas of higher probabilities...

This is a weekly chart on Mar 15th :

This is the same point in time on a 4 Hours chart:

Two different time frames (cycles), both showing us a high probability

area for the market to change direction.

This is a 4 Hours chart on March 16th:

The trend line is finally being broken impulsively.

Do we have an entry?

No,not yet.

We need to wait for the impulsive wave up and the corrective wave

down that follows to be over.

Only after the end of the correction we will have an entry.

Patience.

This is a 4 hours chart on Mar 20th:

This is our analysis (a 2 hours chart):

2 days later...

Remember?That’s what we waited for...

An impulsive wave up breaking our trend line followed by a corrective

wave down.

March 22nd. We are looking for an entry. We go to the 15 min chart.

We will wait just a bit longer for the correction to be over.

About 1 hour later, a 15 min chart:

We make a long entry on March 22nd. We place our stop loss at

0.96600, about 120 pips of risk.

We limit our risk to 3% of our account’s balance.

March 23rd ,a 15 min chart:

Two days later,After the close of the market.

March 25th the close of the market, a 30 min chart:

March 25th, a 2 hours chart:

Here is the ‘big’ picture.March 25th, a daily chart: