USDCAD Market Analysis and Trading Strategies.
*Personal Opinion
I use “XMTRADING” as my trading tool.
It is my personal most trusted trading account and is used by many professional traders.
I use “TradingView” as my analysis tool.
Registering an account gives you access to many features for free.
Waveforms of each time leg
Weekly
The price has continued to make new highs without forming any significant pullbacks.
A downtrend is forming on the lower timeframes, targeting the origin of the last major high.
Daily
Downtrend.
The previous low has been broken, and a new low is currently being formed.
4-Hour
Downtrend.
The previous low has been broken, and the market is now consolidating slightly.
1-Hour
Downtrend.
Currently retracing toward the origin of the most recent low.
Trade Strategies
Strategy①
Trend-following short on the 4-hour and 1-hour charts.
Wait for a pullback to the upper limit of the 15-minute range before considering a short entry.
Strategy②
If the range high is broken to the upside, avoid going long.
Instead, wait for the price to reach the origin area on the 1-hour chart and look for a short entry.
