USDCAD - Stalking a post FOMC long
Canada has pulled almost all of the way back into it's most recent swing. The is the place where the big boys like to play. First we need to be patient and wait to see how price unfolds before just jumping into the water with a major news event looming on the horizon.
To get long, I'd like to see one of two things happen: price suddenly spikes lower, washing out the stops just under the last major swing low, but then suddenly reverses and begins to make new swing highs. Or, price fails to take out the major swing low and starts a new march up of higher highs and higher lows.
In either case, I'd look to get long a small pullback after all the evidence is in. This way I won't take a hit along with any other stops that are resting just under the swing low, regardless of whether price is actually in a short term downtrend or if large traders are just loading up on other's stops.
Of course, I might just get left at the bus stop holding my bags, but there are always other trades. Loss of opportunity is better than loss of capital.
itradingforex.com
To get long, I'd like to see one of two things happen: price suddenly spikes lower, washing out the stops just under the last major swing low, but then suddenly reverses and begins to make new swing highs. Or, price fails to take out the major swing low and starts a new march up of higher highs and higher lows.
In either case, I'd look to get long a small pullback after all the evidence is in. This way I won't take a hit along with any other stops that are resting just under the swing low, regardless of whether price is actually in a short term downtrend or if large traders are just loading up on other's stops.
Of course, I might just get left at the bus stop holding my bags, but there are always other trades. Loss of opportunity is better than loss of capital.
itradingforex.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.