I've had this Fibonacci fan drawn on USDCAD monthly chart for some time, and I think its time to share with the world.
Every time I look at this I'm just baffled how clear its been in the past. Most noticeably is the red line, the mean. Markets are either moving away, or toward the mean. The safest bet is toward and never against the mean.
Also see the Daily. Trend has formed a beautiful higher high. Coupled with a 5 wave impulse wave that appears to have more room to run... Daily stochastic is bullish.
Going into next week..
I will be looking for pullbacks, which I will take the discount and buy this wave pattern back up to the fairly obvious profit target, aided by the fibo fan.
I will also be testing a new strategy, observing short term support levels on 30 minute charts and running a set 15 pip stop but 15 pip trailing profit. All week, in fact all my life I've been fairly capable of predicting direction based on whatever time frame I concentrated. The problem is of course is trading these different timeframes. Using this strategy I am trying to satisfy my desire to trade while also maintaining swing trade positions.
We shall see how it goes! Lets do it! <div style="width:566px;float:left;border:2px solid #00aa00;margin:5px"><div style="background-color:#00aa00;padding:6px;margin-top:5px;color:#fff;font:10px arial,sans-serif"><span><a href="oanda.com/register/ target="_blank" style="font-weight:bold;color:#fff;text-decoration:none">Register for an OANDA forex trading account</a></span><span style="float:right;"><a id="commitments_of_traders_fxtrade_tool_link" href="oanda.com/forex-trading/analysis/commitments-of-traders" target="_blank" style="font-weight:bold;color:#fff;text-decoration:none">Commitments of Traders</a> powered by <a id="commitments_of_traders_fxtrade_link" href="oanda.com" target="_blank" style="font-weight:bold;color:#fff;text-decoration:none">OANDA</a></span></div><script src='oanda.com/embed/get/commitments_of_traders/'></script><div style="clear:both"></div></div>