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Futureofmoney

Working Out A USDCAD Trade Idea I don't normally compare many markets when analyzing currencies, but I thought I'd try something new. Apart of being a trader is pushing yourself to try and track the results if you'll succeed or fail overtime. This is my first step forward trying this out. Let's see what happens. Markets I'm using? * Dollar Index- Indicie * USOIL- Commodity *USDCAD- Foreign Exchange market The idea is USDCAD will continue back to the previous low. Price is already testing my estimation zone(my created name to my trading strategy). If price closes bearish today I will enter the trade. What will invalidate the sell? As I am not in the trade yet, if price closes bullish I will not enter the trade. If price passes the last high at 1.29844, I'll know price has reversed. FYI: I am a swing trader who trend trades and trades based on the supply and demand of price. I don't use patterns, alot of indicators, or many candlestick formations. I keep my trading as simple as possible so I can see price action. Thank you for reading and watching the me analyze this trade idea!
Short
by ShaquanLopez
BTCUSD - Uncertain situationWell, I am really not sure what is going to happen the next days. The BTC indicators I am currently seeing are: - Fear and Greed Indicator is very low and 5-10 levels normally is a good buying opportunity - Bitcoin on Google Trends is rising very fast, which could potentially mean a rising interest - If we keep that level, this could be the biggest triangle and continuation I have ever seen. For that reason, I will keep my leveraged long open, just in case we skyrocket in seconds. - Having lost important EMAs, we could as well be in a bigger bearish channel or something similar, that's why I'm saying that I really don't know which side to take position on. - The 1h chart is contracting, which let's me believe, that there is going to be some action very very soon. Overall market signals that I see: - Not just stock markets have lost value, so did Gold. Which leads me to think that an economic crisis is on it's way. These would not end well for Bitcoin either. - The inverted yield curve (cross from 2 year and 10 year treasury bonds) triggered already, which historically has always been the start of a recession. - I expect certain markets such as DJI to recover a bit (maybe to 23500) and this could push us back up for a while. On the other hand, I don't believe in it too much, because COVID-19 is not yet over and this negates the pull-back IMO. - The altcoin market has the potential to drop to 14B, which would be another 65% drop or around 40B of lost money. If COVID-19 is not rapidly gone from mother earth or at least made treatable, markets are going to bleed more and more till the day we manage it. It is probably better to stay on the sideline with bigger positions.
BITMEX:BTCUSD.P
by Thierry88