Recently, I had a guy who will remain unnamed who challenged me on my posts that I had been giving for free on Tradingview. He obviously had an axe to grind. Maybe he followed one of my analysis and lost money. Maybe it's another reason. But he's an example of someone who can't accept responsibility for his own actions and must blame someone else for their loss. Do I make bad trades? Yes. Do I take losses? Yes. Does everyone? Yes. Even Warren Buffet. But regardless, what those kinds of people don't or refuse to see is all the work behind the scenes that goes into these analysis. Yet, they expect to be fed for free. And then when it does not work out, they want to blame someone else. The point I am making is that these analysis take a lot of time and a lot of work. They are the result of my own hard work but I am the first one to get frustrated when things don't work out the way I envision it. But then I just get back to work and see where I went wrong. If you are expecting to be spoon fed all this hard work for free, there's a word for that: freeloader. Otherwise, just take it for what it is. Purely my opinion!
Now on to the analysis....
I've been posting here all last week in Daily Updates that USDCAD is NOT DONE heading downwards and in fact, I see an rather strong move down coming. I feel that I should again warn those that keep suggesting the bottom is in and want to take a LONG trade now that it is too soon! The bottom is not in! Prices have reached the first of my critical zones and IMO , is about to break through that area and head towards the 2nd critical zone. I do not see any signs of a bottom here. I do see signs of a continuation though. Price action, if you know how to read it, can tell you much. And it is telling me to NOT TAKE ANY LONG trades here. Not yet. But again, this is just my opinion. I, for one, am not taking any LONG trade here. Nor any short trade despite what I think is about to happen. Why? Because if it does drop strongly as I think it will, it CAN just as quickly reverse itself once it has reached those critical zones and catch me in a swing! No thanks! I'll be sitting tight and watching for the signal to go long after the spike down. There is a oil tanker load of pips to make once it does reverse and head back up! No need to rush in now just to get whipped!
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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