USDCAD: Hold longs, watch these levels
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In my previous publication I shared my long entry in USDCAD. I was long from a couple days before but using a wider stop, until I noticed price action in the hourly chart suggested the bottom was 100% in. Then I added to it with tighter stops.
I hope many caught that trade with us!
In the chart you can see my previous usdcad publications, which show I've been 80% right in this pair, contrary to say, NZDUSD, which is one of the worst performers for me, where I only got 30% wins in the daily chart. In this case, the time at mode trend signals will shine, but in NZDUSD, a more reactive trading style is needed, which in hindsight, would favor bar by bar price action analysis (which can most certainly be done using Tim West's tools, but not expecting trades to evolve into trend setups like I mistakenly did).
This is a nice feature, offered by tradingview, I'd reccomend you all use it, both to analyze your past performance, but also to see what the bulk of traders are doing. During a trend, you can see that most of them are trying to go against it, with growing number of shorts right before the tops, and a shift into longs after it has in fact topped. What I would like, would be to see not only suggested authors' ideas, but I guess it would be too demanding for Tradingview servers to show us ALL trade ideas for one symbol per timeframe, on chart, as an overlay to each bar.
That being said, the levels I plotted on chart will be important resistance levels on the way up, and I anticipate to form a sideways range eventually, after meeting either of them. The key will be seeing what price does after hitting each of them, to either, add to longs, or close and go short again.
For now, it'd be hard to determine how far price can go, so, we'll go with the flow and don't try to play Nostradamus (yet).
Cheers,
Ivan Labrie.
I hope many caught that trade with us!
In the chart you can see my previous usdcad publications, which show I've been 80% right in this pair, contrary to say, NZDUSD, which is one of the worst performers for me, where I only got 30% wins in the daily chart. In this case, the time at mode trend signals will shine, but in NZDUSD, a more reactive trading style is needed, which in hindsight, would favor bar by bar price action analysis (which can most certainly be done using Tim West's tools, but not expecting trades to evolve into trend setups like I mistakenly did).
This is a nice feature, offered by tradingview, I'd reccomend you all use it, both to analyze your past performance, but also to see what the bulk of traders are doing. During a trend, you can see that most of them are trying to go against it, with growing number of shorts right before the tops, and a shift into longs after it has in fact topped. What I would like, would be to see not only suggested authors' ideas, but I guess it would be too demanding for Tradingview servers to show us ALL trade ideas for one symbol per timeframe, on chart, as an overlay to each bar.
That being said, the levels I plotted on chart will be important resistance levels on the way up, and I anticipate to form a sideways range eventually, after meeting either of them. The key will be seeing what price does after hitting each of them, to either, add to longs, or close and go short again.
For now, it'd be hard to determine how far price can go, so, we'll go with the flow and don't try to play Nostradamus (yet).
Cheers,
Ivan Labrie.
Nota
Steady pace here, we'll see highs in no time.Nota
1st resistance broken.Nota
It's probably resuming the move up from here.
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