AUDCAD - Monthly - Multi-Timeframe Analysis Series 1
Introduction
I'm starting a new multi-timeframe analysis series and using TradingView to document it.
Objective
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so easy to do.
I also hope that anyone who chooses to read these series will gain some useful knowledge.
Please feel free to share your opinions with me in the comments, but please remember that my opinion may differ from yours. If I've learned anything, it's that 2 opinions or biases can co-exist and both play out to be successful.
I hope you enjoy
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Comments
I've identified the Monthly timeframe to be trading nicely within a range between 0.9200 - 1.0250. This means any moving averages cannot be considered for 'trend bias' on this timeframe, only to be considered as obstacles for things such as entries and exits (profit taking) during the move between the range.
After a bullish low test reversal candle at the bottom of the range, price rallied up to the Monthly 50 EMA where it acted as dynamic resistance, and has since retraced down to the 61.8% fib retracement (which coincides with the high of the signal candle). At this level we've got a Monthly Inside Bar, which is a sign of indecision.
Key Note
Think in terms of crowd psychology when it comes to things such as the Monthly 50 EMA in this example. Traders will be taking profit there as well as short seller placing orders.
I'm starting a new multi-timeframe analysis series and using TradingView to document it.
Objective
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so easy to do.
I also hope that anyone who chooses to read these series will gain some useful knowledge.
Please feel free to share your opinions with me in the comments, but please remember that my opinion may differ from yours. If I've learned anything, it's that 2 opinions or biases can co-exist and both play out to be successful.
I hope you enjoy
---
Comments
I've identified the Monthly timeframe to be trading nicely within a range between 0.9200 - 1.0250. This means any moving averages cannot be considered for 'trend bias' on this timeframe, only to be considered as obstacles for things such as entries and exits (profit taking) during the move between the range.
After a bullish low test reversal candle at the bottom of the range, price rallied up to the Monthly 50 EMA where it acted as dynamic resistance, and has since retraced down to the 61.8% fib retracement (which coincides with the high of the signal candle). At this level we've got a Monthly Inside Bar, which is a sign of indecision.
Key Note
Think in terms of crowd psychology when it comes to things such as the Monthly 50 EMA in this example. Traders will be taking profit there as well as short seller placing orders.
