Currency Pair: USD.CAD Time Frame: Daily, 4hr, 1hr & 5min Predicted Direction: Short
Live USD.CAD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.
评论
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Similar to the GBP.USD also posted, there has been no pullback / consolidation period which for me invalidates this setup into today.
Tom, have you noticed a price correlation with BTC/USD and EUR/USD? It appears that when BTC is up, the dollar is down; and when BTC is down, the dollar is up.
UnknownUnicorn180388
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@rev214us, Hi,
If your trading BTC.USD then that would be correct you would see price go in opposite directions.
kardia
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@tomhall, Of course. Lol... What I mean is it appears that when trading BTC/USD if Bitcoin is down, then the price action for EUR/USD is doing the opposite.
UnknownUnicorn180388
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@rev214us, Sorry i miss-read the initial message.
It's correct that price does move similar in regards to the daily direction, if the DXY for example is bearish pushing the USD pairs down it's likely it will be bullish for the pairs on the opposite side.
e.g giving BTC & EUR strength against the USD
UnknownUnicorn180388
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@rev214us I don't personally trade the correlation of pairs for this reason, i trade based on the individual setup to save any subjectivity.
kardia
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@tomhall, I think it could be useful in strong bear markets such as this one. When BTC shows strong bearish activity, one could place a trade on EUR/USD in the opposite direction, and vice versa. In other words, it enables traders who don't have the option to use leverage against BTC to make money elsewhere until BTC completes its bearish move.