I'm fairly new to trading so please take this with a grain of salt, and feel free to leave comments on how I can improve my strategy.
Based on this daily - year span chart the LONG TERM trend is going up. It does seem to be in the pattern of stepping up, down, back up, and right now its in the down pattern and if it continues it should go back up.
The USD/CAD is above the 200 EMA and MA, but is coming closer to it which makes me question if it will go backup.
However, the Stoch was BELOW 20 and just peaked through which generally means its in a BULLISH trend.
I'm going to wait to confirm that it is in a bullish trend.
I plan on entering LONG at 1.20783
This is a very simple strategy, please let me know your thoughts!
Based on this daily - year span chart the LONG TERM trend is going up. It does seem to be in the pattern of stepping up, down, back up, and right now its in the down pattern and if it continues it should go back up.
The USD/CAD is above the 200 EMA and MA, but is coming closer to it which makes me question if it will go backup.
However, the Stoch was BELOW 20 and just peaked through which generally means its in a BULLISH trend.
I'm going to wait to confirm that it is in a bullish trend.
I plan on entering LONG at 1.20783
This is a very simple strategy, please let me know your thoughts!