USDCAD PRICE ACTION ANALYSIS
Hi Trading-Folks!
Let's keep my brief introduction short and sweet!
I'm a young retail trader from Singapore. I'm a price action trader that like to keep his chart as neat as possible. I uses simple tool like EMA and lines to plot my SR levels. Nothing too fancy most of the time, as I believe "clarity is power" in the trading world.
This is the first time I'm posting my technical analysis on TradingView, such a wonderful platform for us to share our ideas and, most importantly, learning from each and everyone of you here!
So... HERE WE GO!
Indicators:
200-EMA (BLUE) - Long Term Trend Filter (LTTF)
100-EMA (ORANGE) - Mid Term Trend Filter (MTTF)
20-EMA (RED) - Short Term Trend Filter (STTF)
This pair has been bearish for quite awhile since Mid-2017 as shown by LTTF on Daily Chart. It consolidated between 1.26550 - 1.29000 zone before continuing its bear run. And that clearly shows me that the strength of bull wasn't that strong as it didn't managed push the price beyond LTTF.
Currently price is at the previous support level and it starts to consolidate again at 1.23800 - 1.25500.
On the H4 Chart, it shows that price is riding pretty well alongside with the MTTF. In another words, it's acting like dynamic resistance on H4 Chart.
Shorting opportunity at 1.23700. It will be more favorable to trigger your short entry after price break out of that level. So... HOLD YOUR TRIGGER, FOLKS!
Target Profit will be at 1.20900 - 1.22300 zone, do expect some price movements at that level!
This is my favorite kind of setup! Consolidation at key levels, entry at the break of the consolidation!
Remember folks,
CLARITY IS POWER
LIKE, SHARE AND FOLLOW!
Comment below to share your thoughts of this and if you got a better idea, share with me too!
More analysis coming up!
Regards,
JW
Let's keep my brief introduction short and sweet!
I'm a young retail trader from Singapore. I'm a price action trader that like to keep his chart as neat as possible. I uses simple tool like EMA and lines to plot my SR levels. Nothing too fancy most of the time, as I believe "clarity is power" in the trading world.
This is the first time I'm posting my technical analysis on TradingView, such a wonderful platform for us to share our ideas and, most importantly, learning from each and everyone of you here!
So... HERE WE GO!
Indicators:
200-EMA (BLUE) - Long Term Trend Filter (LTTF)
100-EMA (ORANGE) - Mid Term Trend Filter (MTTF)
20-EMA (RED) - Short Term Trend Filter (STTF)
This pair has been bearish for quite awhile since Mid-2017 as shown by LTTF on Daily Chart. It consolidated between 1.26550 - 1.29000 zone before continuing its bear run. And that clearly shows me that the strength of bull wasn't that strong as it didn't managed push the price beyond LTTF.
Currently price is at the previous support level and it starts to consolidate again at 1.23800 - 1.25500.
On the H4 Chart, it shows that price is riding pretty well alongside with the MTTF. In another words, it's acting like dynamic resistance on H4 Chart.
Shorting opportunity at 1.23700. It will be more favorable to trigger your short entry after price break out of that level. So... HOLD YOUR TRIGGER, FOLKS!
Target Profit will be at 1.20900 - 1.22300 zone, do expect some price movements at that level!
This is my favorite kind of setup! Consolidation at key levels, entry at the break of the consolidation!
Remember folks,
CLARITY IS POWER
LIKE, SHARE AND FOLLOW!
Comment below to share your thoughts of this and if you got a better idea, share with me too!
More analysis coming up!
Regards,
JW
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