Today is roughly 4 months of trading the USD/CAD. Refer to earlier posts for analysis and prior planning.
1. The original plan set out to trade the reversal of the monthly stoch from bearish to bullish after a 5-6 month pullback into support.
2. The blue vertical stick is where the planning started on the monthly and daily.
3. The daily 21-55 MACD kicked off the confirmation that the monthly stoch & 5 EMA would be bullish. Although all were not not ideal the bull plans went pretty well.
4. The trade plans were for the Bulls on the daily chart and set up to go long U/C on OS daily stoch & 5 EMA setting up dual time frame momentum that presented several opportunities.
5. The confirmations of the daily stoch & 5 EMA runs were confirmed with the hourly 21-55 MACD as seen on the last plan “Bulls Back on Radar Watch” and others.
6. Trading the hourly OS stoch aligns a triple time frame momentum strategy that typically can yield several opportunities on the lower time frame here as well.
7. Whats not shown are the trade plans where the 1 minute 55-233 MACD (233 EMA) was used to time the entries for the hourly stoch & 5 EMA runs yielding four time frames of momentum.
This long process was a lesson in sticking to the long term plan/bias and using fractals to get into multiple time frame trade plans using momentum. By aligning multiple time frames the odds for success increase and your bias remains unaltered throughout. While markets are not ideal sticking to a trade plan helps keep your perspective and should keep from blowing up a trading account even with volatility creeping in to screw up a good plan by focusing on the long term you can develop patience & discipline. I hope this was useful and that someone collected some pips with me on these plans along the way. Posting these plans certainly proved helpful to me and I thank WMD for this forum and his constant contributions to all attendees here.