The difficulty with most trends is finding where the big trend is really heading. Many traders are limited by account sizes when they become tangled in the 'noise' of lower time frames. But where are the big trends going? Is that important? How can we distance ourselves from the noise?
It's difficult for the 'small trader' who is forced to accept smaller limited losses. Weekly and daily time frames take a long time to deliver profits - no arguments about that - and risk is greater for those with smaller account sizes with smaller stop-losses; confining them to lower timeframes.
Occasionally a weekly chart may reveal a critical turning point. 'Small traders' should be aware of these - and not be lured into a misleading sense of security on lower timeframes, that trends will continue for long. Weekly timeframes provide a 'big picture' that can be useful to even 'small traders'. USDCAD is at an important pullback on the weekly. There is both opportunity and risk.
Perspectives may change when one changes one's perspective.
Disclaimer: The information provided herein is opinion only. Under no circumstances do any statements here represent a recommendation to buy or sell securities or make any kind of investment. You are responsible for your own due diligence. To summarise, I do not provide investment advice, nor do I make any claims or promises that any information here will lead to a profit, loss, or any other result.
I take no pride in being right. Being right is the wrong psychological attitude in trading.
Captain_Walker
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Price has rocketed off the lower zone of a channel at the kill zone, in an overall uptrend. This does not mean that it will continue. Walker does not make predictions. Walker follows trends until pre-defined exit points.
Captain_Walker
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USDCAD is now entering a kill zone! This is not a recommendation to trade. Your losses are you own.