Hey Forex Traders!
Exciting news! The USDCAD pair is potentially forming a bullish bat pattern near a robust demand zone at 1.35500.
This is a great opportunity for us to dive in and make some profits!
Let’s take a closer look at the current market conditions. The USDCAD pair has been in a downtrend, but we believe it’s about to turn around and head towards the demand zone.
This bullish bat pattern is a popular harmonic pattern that completes near the zone, making it an excellent trading opportunity.
There are two ways we can enter this setup. First, we can wait for the pattern to complete and then enter a long position near the demand zone at 1.35500. This approach reduces the risk of a false signal since we’re waiting for confirmation of the pattern and the demand zone.
Alternatively, we can take a more aggressive approach by entering a Limit order at an earlier stage, such as when the price approaches the demand zone or when the completion of the pattern is imminent. This method carries a higher risk of a false signal, but it can lead to a better risk-to-reward ratio if the pattern completes.
So what are you waiting for? It’s time to set the alert and get ready to take advantage of this potentially profitable setup! Let’s make some money!