FXCM

Possible trend shift in USDCAD – going long

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
The Tidal Shift Strategy has just bought USDCAD at 1.3392. The system recommends entering this trade at any price between 1.33748 and 1.34092. The signal was issued because our Speculative Sentiment Index has hit its most extreme negative level for the past 145 trading hours at -1.62012, which suggests that the USDCAD could be trending upwards.The 14-period Average True Range on a daily chart is 0.00137, so the stop loss has been set at 1.33234. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Tidal Shift is a trend trading strategy that aims to catch shifts in trend using trader sentiment as an indicator. The strategy looks to buy when the Speculative Sentiment Index reaches its lowest value for the past 145 trading hours, and looks to short when it reaches its highest value for the past 145 trading hours.
Signal ID: 64945
Time Issued: Tuesday, 16 April 2019 07:00:17 GMT
Status: open
Entry: 1.33748 - 1.34092
Limit: N/A
Stop Loss: 1.33234

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Comments

Great analysis as always. Cheers mate
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