USDCAD many selling opportunities about to present itself
For bigger picture and context of what I am looking at have a look at long term charts first.
To start with, I plan my trades like I showed on the charts and this is not a direct trade signal, I will do that on my website when it is due next month.
That's said I expect a correction for the USDCAD about to happen before we complete this weekly pattern for a wave C on weekly time frame.
On the 4 hour chart I described what I am looking for in terms of selling opportunities. I personally only enter a second position in the same pair once my first position is at Break-even but that's part of my risk management.
Nevertheless look for breaks of the non-horizontal trend lines and ideally after a consolidation once we saw the break.
This can be done on lower time frames as well for a more aggressive entry with a smaller stop loss.
Keep in mind that tomorrow we have FOMC on the agenda which might cause more volatility. Nevertheless the Technical outlook tell me that we should expect a retrace soon.
Once this wave 4 in Blue is over I expect another leg higher,this will be in line with another leg lower for oil and other commodities like Silver that are also bottoming according to my analyses.
timstuyts.com
facebook/timstuyts/
To start with, I plan my trades like I showed on the charts and this is not a direct trade signal, I will do that on my website when it is due next month.
That's said I expect a correction for the USDCAD about to happen before we complete this weekly pattern for a wave C on weekly time frame.
On the 4 hour chart I described what I am looking for in terms of selling opportunities. I personally only enter a second position in the same pair once my first position is at Break-even but that's part of my risk management.
Nevertheless look for breaks of the non-horizontal trend lines and ideally after a consolidation once we saw the break.
This can be done on lower time frames as well for a more aggressive entry with a smaller stop loss.
Keep in mind that tomorrow we have FOMC on the agenda which might cause more volatility. Nevertheless the Technical outlook tell me that we should expect a retrace soon.
Once this wave 4 in Blue is over I expect another leg higher,this will be in line with another leg lower for oil and other commodities like Silver that are also bottoming according to my analyses.
timstuyts.com
facebook/timstuyts/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.