Tag: USDCAD Analysis

USDCAD: Multiple Time Frame Analysis

Lets say you have two possible trades coming up on two different currency pairs.

On the first one, both, the long term chart and the short term chart are connected, pointing up.

On the second one however, there is a little bit of discrepancy between the different timeframes, long term charts are pointing up, while the short term chart are pointing down.

Which trade would you feel more comfortable taking?

That’s right… the first one.

It’s all about being in the right side

Why is that?

Because when everything is connected, the market is more likely to continue in the intended direction.

In the other hand, when something is not clear, or there is discrepancy between different timeframes, well… its not that likely to continue in the intended direction.

Tags: ,

Continue reading

These are my two trades

Yesterday I opened my AUDJPY trade, I really like this one because of its risk reward ratio, I’m risking 43 pips and I’m trying to get 405 pips… good ha? Make your math, what would you get if you risk 1% of your account in this trade?

Anyway, I’d really feel more comfortable once the AUDJPY breaks the ST resistance level shown below:

And I have another one in the USDCAD. It’s been painfully slow, but moving in the intended direction, so I guess it is alright:

Tags: , ,

Continue reading

USDCAD looks good for shorts…

I’ve been waiting for the USDCAD to retrace back to the main ST resistance level around 1.0249. It was a strong support earlier this week, but yesterday it broke through this level down and it looks like this level will keep the market from reaching higher levels:

As long as the USDCAD keeps trading below the ST resistance level I’ll be looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Training

Tags: ,

The USDCAD is trading in a very clear bearish market condition, only short opportunities are in play. I’d like to see how the USDCAD behaves around the ST resistance level at 0.9574. If I get a significant pattern with downward pressure around that level I’ll definitely go short:

The next LT support level is at 0.9261

Trade Safe!

Raul Lopez
Forex Training

Tags:

The USDCAD is trading in a short term range around a LT important level. The range isn’t well defined, therefore I’m not going to trade the Canadian Dollar unless it breaks the either side of the range:

Once the market breaks the ST range I will look for trade opportunities in the direction of the breakout.

Trade Safe!

Raul Lopez
Forex Training

Tags:

The USDCAD is still trading in a bullish market condition, even when the last two candlesticks are bearish, the Canadian dollar was rejected from an important LT support level and it is likely to continue its way up:

The next LT resistance level is at 1.0334. As long as the USDCAD trades above 1.0161 I will be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

Tags:

The USDCAD is trading near a LT support level, every time the market is near an important level, it trades in a short term range, we then need to establish the ST support and resistance level s that the market needs to break to start either a bearish or a bullish market condition. These are my levels for the USDCAD:

I’m waiting for the market to break either side of the range to start looking for trade opportunities (in the direction of the breakout).

Trade Safe!

Raul Lopez
Forex Training

Tags: