From time to time even professional retail traders differ on a specific trade, this does not mean that neither of them are right or neither of them are wrong, both can be right and both can be wrong depending on what time-frame they make their final decision on.
This morning I had a look at some trade ideas of another fellow professional trader on the USD/CAD and thought that I throw in my five cents on the current state of affairs on the USD/CAD. As it is already Friday morning here in Auckland New Zealand I am starting to wrap up my weekly trades, look at my profitable trades and see where I went wrong on the trades that did not work out. But most importantly the tedious Friday, Saturday (and sometimes Sunday) work of doing all the technical and fundamental analysis on all the applicable currencies for the coming week is staring me in the face.
The USD/CAD is currently in an uptrend on the H4 and in my opinion the trend reversal on the H4 already occurred. The overall daily trend is in a very slow downtrend. The daily support area has been broken twice and flip between support and resistance and therefore is becoming weaker and weaker. The daily resistance is so far ahead that is cannot be used at this stage to assist in any proper technical conclusion.
On the Currency Strength Indication the USD is the much stronger currency of the two. Could it be that the minor downwards trend is only a correction before we see the USD getting stronger again and continue with the already established Bull trend.
For me the are to many conflicting technical indications and the fact the we are in between two major Daily Support/Resistance areas is one of my key reasons that I would not be taking this trade. My general opinion which is not grounded on any technical or fundamental analysis is that the Bull trend will simply continue until the major daily resistance area is reached.
This morning I had a look at some trade ideas of another fellow professional trader on the USD/CAD and thought that I throw in my five cents on the current state of affairs on the USD/CAD. As it is already Friday morning here in Auckland New Zealand I am starting to wrap up my weekly trades, look at my profitable trades and see where I went wrong on the trades that did not work out. But most importantly the tedious Friday, Saturday (and sometimes Sunday) work of doing all the technical and fundamental analysis on all the applicable currencies for the coming week is staring me in the face.
The USD/CAD is currently in an uptrend on the H4 and in my opinion the trend reversal on the H4 already occurred. The overall daily trend is in a very slow downtrend. The daily support area has been broken twice and flip between support and resistance and therefore is becoming weaker and weaker. The daily resistance is so far ahead that is cannot be used at this stage to assist in any proper technical conclusion.
On the Currency Strength Indication the USD is the much stronger currency of the two. Could it be that the minor downwards trend is only a correction before we see the USD getting stronger again and continue with the already established Bull trend.
For me the are to many conflicting technical indications and the fact the we are in between two major Daily Support/Resistance areas is one of my key reasons that I would not be taking this trade. My general opinion which is not grounded on any technical or fundamental analysis is that the Bull trend will simply continue until the major daily resistance area is reached.