USDCAD analysis
ANALYSIS: USDCAD is still trading in Symmetrical Triangle formation. Taking fundamental analysis into the account, this week is more likely that the price will breakout from it and continue trading in a downtrend. However, I will be waiting for clear confirmation - two closed candles after the breakout IF it occurs.
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI is only for spotting divergences.
Once all indicators align together nicely, I am looking for confirmations into a 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness is the key. Follow the price not what you assume will happen.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI is only for spotting divergences.
Once all indicators align together nicely, I am looking for confirmations into a 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness is the key. Follow the price not what you assume will happen.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney
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