UsdCad's weekly chart shows a breakout. The price is currently near a resistance level which can fuel the price to drop on the outer resistance trendline (Refer to AstroFx book). If the price drops below the resistance zone a short trade can be traded. The stop loss would be placed above the resistance zone.
UsdCad's 4H chart shows a third touch in the trendline which could indicate a bullish movement, however, as clarified on the daily I'm looking for bearish opportunities after a small reversal.
UsdCad's 1H chart shows a bullish butterfly formation. This formation has only one imperfect leg (0.907). I am late for the party in this trading opportunity. In any case, as in the previous timeframes, I would prefer a bearish trade after the pattern is complete.
The reason why I'm ignoring all this short term bullish opportunities is because I don't go against the trend (one of my rules). Perhaps I can work on reversals too but I am not good at them for the moment, and I don't see a need for that in the near future. Don't catch a falling knife! Few pairs, few tools, mastery, entry, management, pips.
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The reason why I'm ignoring all this short term bullish opportunities is because I don't go against the trend (one of my rules). Perhaps I can work on reversals too but I am not good at them for the moment, and I don't see a need for that in the near future. Don't catch a falling knife! Few pairs, few tools, mastery, entry, management, pips.
Ask Questions & Give Coments!!!
Follow for updates on this pair as it develops throughout the week.
Follow for more pair analysis.
Kind Regards