akyong
Long

USDCAD: Double Bottom Setup in a Range

FX:USDCAD   U.S. Dollar/Canadian Dollar
On the daily timeframe , this pair has been trading between a 400 pips range.

Price is currently trading near the bottom of the range and we have a valid double bottom divergence setup.

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY
Indicator forms a lower low, price bottom forms a higher high.. is this a "hidden divergence" which is less bullish than the "normal" divergence where price bottom form lower low and indicator form higher high?
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akyong PRO VictorTan
Hidden divergence are "stronger" when trading with the trend. Regular divergence are often trading the change in trend.

But always look at price action for more confirmation. Pa is the "king" Haha.
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This is neither a divergence, nor a hidden divergence. I think you misunderstood both concepts.
Reply
Hi. On particular time frame you can see lower highs and lower lows. Forget indicators, they re-calculate to the price action most of the time. There is no double bottom, what you pointed out is some kind of short term support TL. Daily TF also shows "3 black crows" , bearish candlestick pattern, which is one of the most bearish patterns I know. I cannot agree on long here, any decent pullback should be better price to sell. Oil is up , so is CAD. Cheers
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