Price has opened at the support trendline today
Stochastic is oversold and currently turning upwards from that area.
Weak CAD can be seen in both USDCAD and here, EURCAD.
Not too good R:R ratio, but this trade fits my technical strategy so I will take it.
Have less emotion, and be more patient.
Good luck comrades.
Just as I explained in my previous post, USDCAD is going up. (I linked it to this one)
Price bouncing up off support after rejection - this rejection is clearly seen by the long lower wick of the candle below the trendline.
This chart is the same as previously, but it shows how I am trading this.
Price should comfortably retest the resistance at 1.3210, but my...
If price falls to the support zone at 111.65, I will be looking to buy in this oversold market.
If anyone trades with a Stochastic RSI or just a plain stochastic, they will see that selling when it reaches overbought and price is in a downtrend or ranging, is profitable.
The same goes for buying when the stochastic is oversold and price is up trending or...