USDCAD: The Type of Consolidation Patterns I Like

I want to start things off by saying I don't expect to see much action at all in the markets today ahead of this afternoons FOMC statement. However, I did want to follow up on the USDCAD idea that I shared with you yesterday.

After creating a NSL we are now retracing back into previous structure. I often explain to the traders I work with that I'm not a consolidation pattern trader (think flags, pennants, triangles, etc.) unless they occur inline with underlying analysis.

In this situation my analysis was looking short and the consolidation pattern happens to come into previous structure, so this is one that I would actually interest me.

Thanks for all of you that joined me on Youtube yesterday as I live streamed the first 30 minutes of my Live trading Room. The recording is up if you didn't catch it and I'm looking forward to seeing a lot of you in the room for your free week trial.

Good luck today traders and DON'T force anything as these slow markets can be very tempting for those lookign for action.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
TradeEmpowered.com -The Premier Online Trading Education Company
YouTube goo.gl/Afk5sG
Facebook: goo.gl/VTQngr
Twitter: goo.gl/FlH33l
You Can Also Follow Me On Instagram, Periscope & StockTwits AkilStokesRTM