Today I already had a nice 3 winning trades on the USD/JPY pair as you can read here. But wait there is more! I also captured profit on the USD/CAD pair today. This pair was in the morning nicely setup for an AB-CD pattern completion. It broke out of the previous range and was hovering above the Dynamic Support EMA’s. I took the entry before NFP and awaited the news release with a very small stop below the consolidation range. We were gifted today with a very Bullish USD on the NFP release. The number came out much better then expected. This helps the target of the FED to be able to raise the US interest rates in the end of the year, probably December.
AB-CD pattern explanation.
The AB-CD pattern means that the price leg of first leg AB has the same length projected of the CD leg as a target. Look at the green bar runs, then price consolidated and then we had another green bar run up, about the same movement height of the first move.
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Wilco van Boxtel is Chief Currency Trader & Mentor at TradeReact. He has over 17+ years trading experience since 1998. Besides currencies he knows many other markets and assets. Now he is here to educate and inspire you to be successfull in trading too. Subscribe and follow his lead.