Topic: USDCAD trading strategy

[12-16 / 08/2019] USDCAD trading strategy: Wait for sell next week

1. Analysis of W1 trend chart
USDCAD chart W1:
https://i.postimg.cc/mhgMmvK7/usdcad-w1.png

Market analysis of usdcad trading strategy
USDCAD trend on W1 is the downward trend after the breakout trendline price rises above W1.

After the price breakout has adjusted to about 50% Fibo.

2. Analysis of chart trends D1
USDCAD chart D1:
(Because the rules allowed 2 links, so i will post D1 chart at attachments)

Market analysis of usdcad trading strategy
After the breakout trendline W1, the price corrected to around Fibo 50-61.8. This is a nice and matching SELL LIMIT order area.

If you have not SELL this price range, let's find the entry point on H4.

3. Analyzing points in H4 chart
USDCAD chart frame H4:
(Because the rules allowed 2 links, so i will post H4 chart at attachments)

Market analysis of usdcad trading strategy
Although the trend of W1 and D1 is decreasing, the USDCAD H4 trend is increasing.

USDCAD is rising in H4 price channel and has not broken.

So we will wait for a beat to reduce the SELL breakout channel, or wait for the price to correct and observe the reversal candle signal on H4 to SELL.

4. Conclusion
If you do not have the USDCAD command:

Wait for SELL to follow the 2 scenarios above. SL on top 1.3344. Minimum TP area 1.3113.

If you have the SELL USDCAD command:

Keep the SELL command and set SL TP as above.

If you have a USDCAD BUY command:

Close the order if the price breakout price increases. Closing the order can be SELL again as above.

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I am an architect and professional trader. I own a personal blog about sharing knowledge in Forex trading.
My blog Sinvest.vn

Re: USDCAD trading strategy

Here is H4 Chart, I post here because I haven't found a way to post multiple photos in the post

https://i.postimg.cc/QF4vTZLS/usdcad-h4.png

I am an architect and professional trader. I own a personal blog about sharing knowledge in Forex trading.
My blog Sinvest.vn