USDCAD Ranging Market Analysis
Updated
I marked up this chart last night. Being that USDCAD is ranging between the two red boxes I have marked on my chart, I decided to sell high.
I am testing a strategy taught for ranging markets (**understanding that ranging markets and choppy markets are two different things**). I actually didn't put in the position because I was unsure of the result, however I'm glad that I marked it out. Some of the things I learned put stop loss above the last high (always the case in a downtrend). Place take profit where price stopped constantly (that's a major take profit confluence). Last thing I learned was don't doubt yourself. Right now price is heading toward my TP1 which is an accomplishment. I'm still unsure if it's going to hit my TP2. I'm just going to wait and see how it plays out. Don't forget to leave a comment. I would love to read your thoughts on the markup!
I am testing a strategy taught for ranging markets (**understanding that ranging markets and choppy markets are two different things**). I actually didn't put in the position because I was unsure of the result, however I'm glad that I marked it out. Some of the things I learned put stop loss above the last high (always the case in a downtrend). Place take profit where price stopped constantly (that's a major take profit confluence). Last thing I learned was don't doubt yourself. Right now price is heading toward my TP1 which is an accomplishment. I'm still unsure if it's going to hit my TP2. I'm just going to wait and see how it plays out. Don't forget to leave a comment. I would love to read your thoughts on the markup!
Note
Price was a couple pips shy of my TP1 but never reached my TP 2. I would've got out of the trade early due to the uncertainty of the trade.
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