This is a detailed analysis made on the weekly timeframe, its an impulse correction impulse pattern am suspecting though entry will be on the 4 hour timeframe as usual
At this point usdcad is likely to fall Why? cuz i made a top down analysis from the monthly down to the daily and that does not mean we can just go and take a sell because we are not gamblers, i will be waiting on the 4 hour timeframe to execute my trade after my entry rules are met
First of all this trade will be monitored on the 4 hourly chart for an entry rules to be made, and this setup is based on a weekly chart impulse which has retraced and trying to start the next impulse up
the pure analysis i do is a top down analysis starting from the weekly timeframe to the 4 hourly which i take my entries, for GBPUSD now all rules are made except the entry rules which is about to be met, as i see GBPUSD is trying to make s double top on the 4h chart amd has already broke trendline, as a patience trader i will be waiting to see a correction after...
At this time gold is a risky pair to trade base on my analysis gold is about to drop inform of a retracement then might shoot up, But the best thing to do now is wait for the rules to be met then i drop to 4 hourly chart to wait again for my entry rules to met up, thats why we need to stay patience and disciplined as a trader.
this is my analysis as a young nigerian forex trader, what i saw on USDJPY is actually on the daily chart, i saw an impulse that meet my trading system which works for me, after the impulse there was a retracement to the 50 fibonacci level, and we can start to see rejections that meet my trading setup rules and i go down to the 4 hourly chart to execute my entries...
this is best on my secret trading strategy so i cant explain how it is but we will be expecting an impulse to the downside because of the previous impulse and has retraced
