USDCAD: Vigilance for a controlled loss!
More and more my posts are about controlled losses. I'm doing this because trading is mostly about controlling losses. Seriously, it is about taking affordable controlled losses at key areas in an instrument.
This 3D time frame may not be the one to trade in. The value in higher time frames is about advanced vigilance for potential reversals of trends.
A reversal can start in a lowly 5 min trend which then expands. So I'm watching out for a reversal pattern in 5 - 30 min time frames.
The congestion zone shown (a structure area) can well be punctured deeply. So it doesn't mean that I am relying on that only. That means I'm well aware that price can go much lower. There is no prediction in this chart. It's a heads-up.
The RSI on the 3D time frame has been hovering below 50. This suggests a compression pattern, possibly getting ready for a bust north. However, strange things happen. Price could take a sudden collapse below the congestion zone before rocketing north. Or - price can break down and move far further south.
Whatever happens; I'm not bothered.
Disclaimers: This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which have a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
This 3D time frame may not be the one to trade in. The value in higher time frames is about advanced vigilance for potential reversals of trends.
A reversal can start in a lowly 5 min trend which then expands. So I'm watching out for a reversal pattern in 5 - 30 min time frames.
The congestion zone shown (a structure area) can well be punctured deeply. So it doesn't mean that I am relying on that only. That means I'm well aware that price can go much lower. There is no prediction in this chart. It's a heads-up.
The RSI on the 3D time frame has been hovering below 50. This suggests a compression pattern, possibly getting ready for a bust north. However, strange things happen. Price could take a sudden collapse below the congestion zone before rocketing north. Or - price can break down and move far further south.
Whatever happens; I'm not bothered.
Disclaimers: This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which have a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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