USDCAD - Potential Trend Change - Mutliple Timeframe Analysis
Hi Traders!
The market is in an overall Downtrend since a very long time.
We are going to walk trough these Timeframes:
W1 - D1 - H4 - H1
We're going to explain only things which aren't obvoius on the first look.
Let's begin with the weekly Timeframe:
As you can see the market keeps falling since many months.
But that has nothing to say.
The interesting part is, that it seems to went in one or two straight lines
- which means that the price didn't pull back much.
This means that the price can easily rise.
Why?
Here is an explanation:
Moving on to the daily TF:
If you consider the last two candles, you'll probably recognize the Morning Star pattern.
This is a bullish reversal pattern.
Let's continue with the H4-TF:
You'll surely heard about that the "Big Boys" or the "Big Dogs" moving the markets.
These are all names for the Big Banks who are actually trading.
Let's consider the price action a bit:
We want to find out whether the BBs are buying or selling.
As you can see we have much noise on the sellers side, but on the other side clear Up-Movements.
So, we expect that the BBs are interested in buying - due to this low price.
We are also looking for a Long Trade.
One way is to wait for a pullback and buy at the 50 EMA and Support.
Lastly, here is the H1-TF:
Here we listed some possible Entry scenarios.
If you have any more, let us know in the comments!
We recommend to trade with a conservative target, because the market is still in a downtrend.
Thanks and successful Trading :)!
The market is in an overall Downtrend since a very long time.
We are going to walk trough these Timeframes:
W1 - D1 - H4 - H1
We're going to explain only things which aren't obvoius on the first look.
Let's begin with the weekly Timeframe:
As you can see the market keeps falling since many months.
But that has nothing to say.
The interesting part is, that it seems to went in one or two straight lines
- which means that the price didn't pull back much.
This means that the price can easily rise.
Why?
Here is an explanation:
Moving on to the daily TF:
If you consider the last two candles, you'll probably recognize the Morning Star pattern.
This is a bullish reversal pattern.
Let's continue with the H4-TF:
You'll surely heard about that the "Big Boys" or the "Big Dogs" moving the markets.
These are all names for the Big Banks who are actually trading.
Let's consider the price action a bit:
We want to find out whether the BBs are buying or selling.
As you can see we have much noise on the sellers side, but on the other side clear Up-Movements.
So, we expect that the BBs are interested in buying - due to this low price.
We are also looking for a Long Trade.
One way is to wait for a pullback and buy at the 50 EMA and Support.
Lastly, here is the H1-TF:
Here we listed some possible Entry scenarios.
If you have any more, let us know in the comments!
We recommend to trade with a conservative target, because the market is still in a downtrend.
Thanks and successful Trading :)!