robdee4x

AUDCAD - Daily - Multi-Timeframe Analysis Series 1

FX:AUDCAD   Australian Dollar/Canadian Dollar
Introduction
I'm starting a new multi-timeframe analysis series and using TradingView to document it.

Objective
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so easy to do.

I also hope that anyone who chooses to read these series will gain some useful knowledge.

Please feel free to share your opinions with me in the comments, but please remember that my opinion may differ from yours. If I've learned anything, it's that 2 opinions or biases can co-exist and both play out to be successful.

I hope you enjoy

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Comments
For me, this now shows a very good possibility of a reversal in the making. The daily timeframe is confirming what we saw on the higher timeframes, with a strong bullish engulfing candle completing a double bottom at our key level of interest. I will be looking at trading an Inverted Head & Shoulders pattern with a break of the trendline for a Swing Trade to the upside, using the lower timeframes for confirmation of trend-change (H4 & H1). If a Head & Shoulders pattern does not present itself I will look for another entry type into the market in-line with my Trade Plan.

Confirmations of our bias on the Daily timeframe include:

Key Note
With any significant move on the higher timeframes, always remember the component of 'time'. The bigger the move, the longer the turn will take.
Comment: Finally, we have take-off.
Trade closed: target reached: Weekly 50 EMA hit change in sentiment to the downside now.