USDCAD TECHNICAL ANALYSIS
Hi Guys,
I think it is suitable levels for short position. The double ball formation gets attention on the daily chart even if it is not approved.Upward movements and dollar index should be followed carefully…
Please Read very carefully until the end of this post!!!
The requirements of the strategy;
- The price must reach the target area (POINT OF X)
- RSI level should be in the overbought territory when the price comes to point of X.
- Price Must have come to X POINT with; double bottom corrections, Fibonacci retracements which I signed in the analysis.
- Price should be followed very carefully in 1 month period.
- Monthly, weekly, daily and 4-hour charts must be examined and evaluated individually.
- Fundamentals should be followed very carefully.(Upward movements and dollar index etc.)
- You have to use the option or future market to hedge your strategy or position.
- If there is a discrepancy between these data, the analysis should be reassessed and modified if necessary. “No man ever steps in the same river twice!”
This is just a technical analysis. No one has the ability to know the future.
I prepare the entry and exit levels in my analysis according to my own risk profile. Risk profile and money management are personal matters. Everyone has their own risk perception. You should assess your risk profile and change if it's necessary. Technical analysis; Creates a forecast of the time of entry and exit after the fundamental is completed. In capital markets, without money management, you just lose money. Do not start without knowing the money management because the losses will be much more dramatic if you are doing leveraged trades.
There is a very critical issue. If you do not hedge your positions and strategies, you will be very sensitive to the dramatic movements that can be experienced up and down. You should take a position in options and futures market for this. Futures and options market is a very deep and wide issue. If you do not know how to hedge your position, how to protect your position, how to trade options and futures, do not trade stocks. They will take your money from your hand !!!
Be safe...
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