I am new to trading & any advice or feedback is welcome via comments or in the chat. Looking for opportunities to learn new information & techniques.
I have done some analysis on the USD/CAD. The analysis has been done on the 1 hour candlestick chart with the trendline being drawn on the 4hr and I will be keeping an eye on this pair.
I think that the price will retrace down to the trendline. Then once it has touched the trendline it will then bounce off the trendline it will a time to buy once I see a charting pattern that I feel is a bullish pattern
I would place my:
EP @ 1.32160 (around that area)
SL @ 1.31140
TP @ 1.34530
let’s see how this plays out
Legend:
Light Blue line = Trendline
Green line = Support line
Red line = Resistance line
Green dotted line = TP Line
Red dotted line = SL line
Green box = Support zone
Red box = Resistance zone
I have done some analysis on the USD/CAD. The analysis has been done on the 1 hour candlestick chart with the trendline being drawn on the 4hr and I will be keeping an eye on this pair.
I think that the price will retrace down to the trendline. Then once it has touched the trendline it will then bounce off the trendline it will a time to buy once I see a charting pattern that I feel is a bullish pattern
I would place my:
EP @ 1.32160 (around that area)
SL @ 1.31140
TP @ 1.34530
let’s see how this plays out
Legend:
Light Blue line = Trendline
Green line = Support line
Red line = Resistance line
Green dotted line = TP Line
Red dotted line = SL line
Green box = Support zone
Red box = Resistance zone