USD/CAD ... Multi-Time Frame Analysis
One of the most overlooked tools a trader can use is multi-time frames.
1 chart might be saying sell while the other is saying buy. It's your job as a trader to figure out what timeframe is displaying the most reliable forms of confirmation. From that point you can truly make an informed decision and stack the odds in your favour for profitable trading.
Here we see UCAD on a 15M, 1H, 4H and Daily timeframe.
The 15M is showing price just above the 21 Fib EMA. But the 8 and 13 have not crossed back to the upside of the 21 at this point.
The 1H shows that buying pressure came back in not long ago off the 1.312 price level that previously displayed support multiple times. However, the 8 and 13 EMA have both crossed the 610 EMA and 21 is touching at the moment looking to cross.
The 4H shows price struggling to pass the 233 Fib EMA which also displayed support in the past with strong rejections at that level. .
Now, obviously there is more than I have written that can be seen from all this, but you can see how using multiple time frames you are able to get a WAY bigger picture of what price is actually doing compared to looking at one time frame.
The Daily is showing price just above the 34 EMA which price has rejected off in the past. However, we see a very strong bearish engulfing candle that closed the week on Friday. Currently price has formed a doji with indecision on where to go from here.
Hope this helps and hope you all can benefit from this simple trick that is highly underappreciated.
Happy trading and hope you all have a wonderful week!
1 chart might be saying sell while the other is saying buy. It's your job as a trader to figure out what timeframe is displaying the most reliable forms of confirmation. From that point you can truly make an informed decision and stack the odds in your favour for profitable trading.
Here we see UCAD on a 15M, 1H, 4H and Daily timeframe.
The 15M is showing price just above the 21 Fib EMA. But the 8 and 13 have not crossed back to the upside of the 21 at this point.
The 1H shows that buying pressure came back in not long ago off the 1.312 price level that previously displayed support multiple times. However, the 8 and 13 EMA have both crossed the 610 EMA and 21 is touching at the moment looking to cross.
The 4H shows price struggling to pass the 233 Fib EMA which also displayed support in the past with strong rejections at that level. .
Now, obviously there is more than I have written that can be seen from all this, but you can see how using multiple time frames you are able to get a WAY bigger picture of what price is actually doing compared to looking at one time frame.
The Daily is showing price just above the 34 EMA which price has rejected off in the past. However, we see a very strong bearish engulfing candle that closed the week on Friday. Currently price has formed a doji with indecision on where to go from here.
Hope this helps and hope you all can benefit from this simple trick that is highly underappreciated.
Happy trading and hope you all have a wonderful week!