Browse By

Trade Plan on USDCAD

As I was attending some Tflow® preview sessions, one participant made this remark

“How can you predict something during weekend to trade next week”

 

That’s why Tflow® is capable of. I am going to share my trade plan for USDCAD and how I’m sitting here on Saturday (usually I don’t work on Saturday :)) planning a trade coming Monday

Planning with boxes

""

Daily chart shows resistance

""

Downflow established

What’s your plan now?

Since there is a downflow, are you looking for long or short?

If it is a short, then you will be looking for retracement back to resistance on Tflow® 1234 pattern

Key questions to ask:

1. Where’s resistance?

2. Is there any 1234 pattern?

3. What’s the support if price is to fall?

 

Update on 8 Oct 4.42pm

""

USDCAD 1234 mapping

Thank you for your responses. I will answer individually questions that you’ve asked.

This is what USDCAD is happening now.

Let me answer those questions which I asked:

1. Where’s resistance?

Resistance or key levels are found using boxes high/low or fibonacci retracement. Sometimes it is not possible for us to know where exactly is that resistance market is looking at. Therefore, we can use the formation of 1234 to guess potential key resistance levels. At the moment, the market seems to be looking at 10340 approximate as resistance level

2. Is there any 1234 pattern?

Finding 1234 can be tough, especially if we are looking at them in lower timeframe. I like to look for 1234 in H4. In H4, there will be less candles, thus you get a clearer view. I will always look for a flow first and ask myself, if the flow is DOWN, then 1234 has to be UP, because I want to sell high. Most important, no trigger no trade

3. What’s the support if price is to fall?

By finding key supports, that’s where we can estimate our potential reward/risk for this trade. From H4 boxes, we could see some supports around 10270-80. However, if price continues to push up and head towards 10350, I might reconsider whether this trade on USDCAD to fall is still valid

0Shares
Loading Facebook Comments ...

8 thoughts on “Trade Plan on USDCAD”

  1. Glendon Goh says:

    Hi Binni, quick qns to clarify. Can I draw a downflow 1234 now in H4 with Pt1 at 19thSep low and Pt4 at 2nd Oct high? Fib6 will be at 1.0248 for trigger.

  2. Tan Teck Guan says:

    Binni,

    I view CADUSD in H4 TF as a failed BM and this had became BMWR.
    Scenario ONE:
    In D1, I drawn a Resistance (April High) and in H4 I placed a FIB from to Wk40 High to current price.

    1. From above, The Resistance is at a Zone 1.02892(formed by Fibo Zero) and 1.02928(formed by 9 April SupportResistance)
    2.Based on WRBM, no there isn’t any 1234 pattern formed yet.
    3. If price will to fall further, the next support will be at 1.02672 ( Fibo TP1 level)

    Scenario TWO
    1.Yes I can see a 1234 Pattern formed if I based on TX (H4TF). Based on this flow, it is already too late for entry ‘cos price has passed Pt.2 and 13TL. I zoomed into H1 and the chart shown that I should wait for 1234 pattern to formed. << This is the same as as waiting 1234 pattern to formed similiar to Scenrio ONE

  3. Mehnaz Ghanchi says:

    Resistance: Zone marked out by Binni 1.0310 – 1.0340

    1234 – There is a 1234 in the Day chart confirming the down trend as well as the H4 chart. I would use the current downtrend as the new flow in the H1 and wait for a 1234 hoping that the price retraces back to 1.0340 which is a confluence of not only a resistance but F7 as well.

    Support zones : 1.0280 1.0270, 1.0250, 1.0200, 1.0150 – 1.0140

  4. Peh Kai Ling says:

    1.There is a Wk1 high SAR at price 10337.
    2. H4 1234. will wait for price to cross F3( pt 1-pt 4) at 1.0292 to short.
    Support at 1.0250. also a f6, if break might have chance to go to point 1.

  5. Abdulmuhsen Alfadhalah says:

    What I see is that a 1234 pattern is evident in the H4 chart.

    As there is no recent bearish expansion in the H4 chart, I would wait for entry on F6 in fibo from Pt 1 to Pt 4.

    Binni, please correct me if I am wrong?

    1. Binni Ong says:

      In my chart, I mapped out a small down flow. In latest update on 8 oct, I’ve mapped also the 1234 that I see, which offers a fine tune. You are not wrong, because your’s is trading on the bigger timeframe, whereas I attempt to finetune on the entry

  6. Alex Chan says:

    The price have shot up. Try other setups…

  7. Kent Wei Chia Cheong says:

    Hi Binni, i have 2 questions that is one of the problem i had in my analysis with Tflow. Hopeyou can help me using this example.
    1) the daily chart looks like an uptrend to me, with raising boxes, how do you come to the conclusion of down flow bias??
    2) how do you confirm that this down flow that it will continue it path downwards?
    3) by right we are suppose to be looking for 1234 only after the market has confirmed that it is continuing the down flow, am i right?
    Thanks in advance.

Leave a Reply