USDCAD trend Continuation Pattern
Updated
If you like the content and are getting value out of it, please make sure to hit that like button and leave a comment. Also, if you're interested in seeing more of my analysis don't forget to follow me, and make sure to check out my profile/bio for more in-depth analysis.
Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on USDCAD. Here as you can see, the market broke above the previous highs of 1.3686 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 1.3573. Since my entry got hit, I put my stop loss 10 pips below the most recent low @ 1.3476, and my target @ 1.3713. So far, this looks like a typical trend continuation pattern. That being said, we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on USDCAD. Here as you can see, the market broke above the previous highs of 1.3686 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 1.3573. Since my entry got hit, I put my stop loss 10 pips below the most recent low @ 1.3476, and my target @ 1.3713. So far, this looks like a typical trend continuation pattern. That being said, we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Note
Geez what a whipsaw of a ride! So far this price action doesn't look good for this trade. To be honest though, I hate it when the market consolidates around my entry like its been doing. So cross your fingers and maybe this will turn out to be a profitable trade, but I'm not holding my breath though.Trade closed: stop reached
Well, turns out (as I suspected) this trade ended up being a losing trade. What makes it particularly painful is the fact that I got caught in the whipsaw/consolidation. In the end, this is just how trading can be sometimes. But hey, there are always other opportunities to take advantage of.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.