Hello dear all,
Just a quick idea for all people that like to trade the CAD.
Previously price has been coming down and is resting in a zone now.
The area can be defined as a range between 1.48550 and 1.45800.
Once again I like to wait for price to tell me which way it wants to go and will be waiting for a closing candle over or below the range.
Once this happens I will switch to a smaller time frame to fine tune my entry.
You might enter on a canlestick reversal pattern or take a 5/8 moving average cross in direction of the outbreak on the smaller frame.
I like to let my trades run until price action tells me to get out. This would mean a double top, bottom or 123 pattern forming against my trade direction.
BEST OF PIPS