Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the USDCAD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: In higher time frame the market reached and interesting level, double topping and reversing, forming a potential head and shoulders. The market then proceeded breaking the neckline and starting dropping down, confirming the beginning of the impulsive phase. In lower time frame, since the half of November, the market has been consolidating creating a potential corrective structure, with a good possibility to continue its previous downtrend, targeting at least the bottom of the LTF structure.
When, where and why would we step into the market? Considering the overall bearish momentum, we will be looking to short this market in the scenario it will breakout the structure to the downside, correcting for a further down move. However, no trade is guaranteed and the market could proceed to the upside invalidating out trade setup, forming eventually a deeper structure or a reversal pattern.
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DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]
This is probably the best publication on this asset in the current market sentiment + I've seen a couple of news that would also support this idea. It would be interesting to know in what order you parse the asset for this idea
Cybernetics_tl
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@TradingStat, cheers man
Solldy
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In general I agree with this publication, BUT my goals are a bit lower, and I do not believe it will happen so soon.
Cybernetics_tl
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@Solldy, it could ! with a good management, even exit earlier, with a good profit is still in our plan! cheers !