Last week on Friday, we had a strong retail sails report that gave us a bullish engulfing candle with this USD currency pairs. However I could expect by Monday 5:00 a.m. PST that we will reach a good fib level to buy into (Personally I would go for the 618) I also don’t expect that we will be making any long term higher highs on this currency pair as we have been ranging between weekly s1 and r1; but we are retesting monthly Pivot Point. Therefore, once we hit those fib levels – I would like to see this pair go up by Tuesday and no later.
USDCAD 2618 Double Bottom
Crude Oil Short consolidation?
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6 thoughts on “USDCAD 2618 Double Bottom”
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Hi Daniel, there is a wedge pattern on the Daily which is getting narrower and would rather wait and see if it breaks above or below this wedge on the Daily chart – what do you think as I seldom trade USD pairs.
https://charts.mql5.com/11/873/usdcad-d1-fxprimus-ltd.png
Oh boy, good point of view on that, Maryna. It doesn’t look like the markets have chosen a side at all if that’s what you’re indicating with you’re wedge. Doing a breakout trade would be a wise idea for consolidating patterns, but I would also like to rely on some fundamentals on choosing a bullish/bearish side. Personally for me I’m a bull on USD and a bear on OIL currently; and I think it is very possible to make a buy trade with a break even stop once we reach the low points of your wedge.
It will be good to wait for a break below or above that wedge-check Maryna chart- in my opinion. Price might consolidate towards the apex of that wedge and nullify any long or short projection.
Both these currencies are equal, and I only trade strong/weak currencies together, so looks as if USDCAD is sideways for the day or consolidating. USD is a bit stronger than CAD, but focus on other pairs that are more viable to trade today i.e. AUDNZD/GBPNZD/NZDUSD/NZDCAD/NZDCHF. I really struggle to understand why traders don’t trade weak/strong currencies together and constantly focus on USD pairs. Please view my trades I post on Activity as Dima and I made so much money with the trades I post on Activity. Sure, there is always risk involved, but this is limited by trading strong/weak currencies together.
Dalma, thanks so much for your inputs as well! Nice to discuss trades.
I would gladly follow your posts on your activity Maryna. I’m still quite new to forex, and I would love to hear from other experienced traders.