How to trade this plan
1. Support and reisstance are key, look for Support and Resistance.Develop a bias based on whether you are a Bull (enter at the green area) and Bears (enter at the red area). Not forgetting that previous support can be future reistance, and vice-versa.
2. Look at Price action (5 and 8 MA’s) and Market action (21 and 55 MA’s) this will assist in indicating price direction market direction
3. Identify your bias on whether you are a bull or a bear.
4. Use stochastic cylcles of overbought or oversold on Dai.ly H4 H1 then also align M15 and M5 for your entry then pull the trigger
NB- Risk management is key.
USDCAD paired with USOil We are looking at USDCAD for buy entry as we align Daily, H4, H1, M15, M15 stochastic cycles. All timframes are at support (green area-BULLS). You should trade this plan in lne with USOil which is at resisatnce. We intend on Buying the USDCAD and Selling the USOil.
*USDCAD price may range for expectation that USOil has not finished bullish move. Look at selling USOil to buy the USDCAD. Hint- Core Consumer Price Index (CPI) and Core retail sales are due for release tomorrow. An unchanged CPI is forcasted at 0% and a decline in Core retail sales from 0.9% to 0.3% is forecasted for the CAD. With the CAD data release tomorrow, this may align with our bullish trade plan on the USDCAD.