exuals
Short

Next week's weak prediction for USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
55 1 0
Thoughts & comments appreciated.
dojitrader
2 years ago
First, I would use just 1 indicator of the 3 you have on the chart. They are all "oscillators" so, they are telling you the same
thing with only slight variances. In this case that the market is showing oversold with no divergence yet. Pick 1 that you find
the most reliable and stick with it. The danger, for most traders, is that you might miss a good trade or two because one
of these 3 indicators will be not quite agree with the others and talk you out of a perfectly good trade. And, of course, all oscillators
are lagging indicators so I only use them when they show divergence. Based on what you have on this chart I would not
enter a short just yet. Especially with the bullish candlestick of today's trade. I'd wait for a bearish candle pattern
with divergence on the RSI - my favorite - and then look to go short.
Indicators simply being oversold is rarely enough to send the price action down with any consistent
probabilities.
Wishing you lots of pips in 2014 !!!!!!!
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