CAD looking like retracing a bit before bullish move
Updated
So this one is really interesting. CAD has to my pleasure been really bullish for a while, and it looks like that might continue. We're currently in a breakout channel from a previous downward trend, and has just gotten out first smell of fresh air.
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy. No, let's practice our patience and wait for the retrace and then bullish impulse out of that.
Trade:
- Retrace after breakout to bottom of breakout channel
- Hidden divergence on RSI and Stochastic implying trend continuation
- Values of RSI and Stochastic are in their mids, implying a trend with much more to give.
- A part of me sees a lot of potential for another big move here, so I'll fight my overeagerness. The difficulty will be to wait for the appropriate moment of entry. Price action kind of indicates that we might see a turn up again really soon, and last bar of friday was a some sort of pinbar/doji... Yeah, I'm gonna wait until atleast 7 am monday CET until I make my move...
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy. No, let's practice our patience and wait for the retrace and then bullish impulse out of that.
Trade:
- Retrace after breakout to bottom of breakout channel
- Hidden divergence on RSI and Stochastic implying trend continuation
- Values of RSI and Stochastic are in their mids, implying a trend with much more to give.
- A part of me sees a lot of potential for another big move here, so I'll fight my overeagerness. The difficulty will be to wait for the appropriate moment of entry. Price action kind of indicates that we might see a turn up again really soon, and last bar of friday was a some sort of pinbar/doji... Yeah, I'm gonna wait until atleast 7 am monday CET until I make my move...
Note
It's so much fun when the analysis hits... I think I need to just get better at killing my bad trades earlier, and then focus on keeping my winners. How do I decide when a trade is bad and won't come back?
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