Monday, 7 December 2015

Forex to watch: USDCAD ready to take of ?

For now i hold three pairs, USDCAD, USDJPY, and GBPUSD

Yesterday USDCAD move (as i expected) upward. Break the resistance, for now (when i write this) i got 360 pips.

Will this upward movement continue?
let's find the answer?

First we must look into USDCAD price movement. I give you weekly and and price movement
1. Weekly chart


The price is above 200 moving average. The moving average order is right. So, based on my MARS method, i conclude that USDCAD still in up trend.

Last Monday, USDCAD break the resistance (yellow dotted line), fundamentalist said it because a good report for US unemployment and bad report for CAD unemployment. For me, price is everything. Remember, my MARS method only use moving average and price level.

2. Daily chart


i show you daily chart just to give you another perspective of USDCAD price movement. The Monday candle is the largest candle for the last 20 days. Someone or something push it higher!

Conclusion:
So what to do?
if we talking about daily chart, daily signal, daily trading, the signal was there, open your platform and open long position.
But, because i use weekly chart in my MARS method (and if you use the same time frame), we have to wait till the week end to see if the break was true or fake.

MARS trader wait until next Friday or next Monday to trade or not.
i will wait to re entry, for second position.

Enjoy your trade!

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