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!
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!