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Title : USDCAD Technical Analysis 8 October 2019
link : USDCAD Technical Analysis 8 October 2019
USDCAD Technical Analysis 8 October 2019
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Forex Analysis- Technically, I see this USDCAD pair has entered a price position which is still worthy of its entry point.
Let's look at the following USDCAD 1 Hour Time Frame chart image before we analyze:
Let's analyze using Price Action analysis (Trader Pressure). In a market trend, USDCAD is still in a Bearish / Downtrend condition, but we also have to anticipate a trend reversal if the price breaks the Resistance area above and also consolidates prices.
In the candle history, we can look for Sell entry opportunities because the long term is still in the Downtrend effect, but to be more objective, I will present an analysis for buy or sell entries.
If we look at the chart above, the Seller pressure (long red candle) slowly lowers the price without being able to be counteracted by the Buyer pressure (long green candle) and forms a Lower high.
This indicates that sellers still dominate the formation of certain price levels. However, buy opportunities can still be found in this USDCAD pair.
In the picture, I determine the Resistance Area through two lines above the price (1.3311 - 1.3306), for the Support area, we can see through the two lines below the price (1.3280 - 1.3275).
Following my entry setup options, can use to adjust your trading style.
Setup for entries with breakout opportunities,
if the price of 1 hour close candle breaks the Upper Resistance Area (1.3311), then get ready to find the best Entry buy position
If the hourly close candle price breaks the Lower Support Area (1.3275), then prepare to look for the best Entry sell position.
Cut Loss if the price of 1 Hour Close Candle is below the lower Limit of the Resistance Area (<1.3306) untuk entry buy, dan di atas Batas Atas Support Area (>1.3280) for sell sell. And do a minimum risk ratio of 1: 1.
And Pullback Setup for SELL position:
Pullback area uses the Resistance area, if the price of 1 Hour Close Candle is in the pullback area, can take Sell positions and do a Loss Loss if the price of 1 Hour Close Candle is above the upper limit of the Pullback (> 1.3311). Use a minimum risk ratio of 1: 1 according to the way you trade.
And Setup Pullback to BUY position:
Pullback area uses the Support area, if the price of 1 Hour Close Candle is in the pullback area, you can take a BUY position and do a Cut Loss if the price of a 1 Hour Close Candle is below the lower limit of the Pullback (> 1.3275). Use a minimum risk ratio of 1: 1 according to the way you trade.
Keep using good money management in every entry for the continuation of healthy trading, and stay alert for Fake Breakout Candle.
Hopefully this article can be your reference in analyzing the market.
Happy Trading all.
Note: Price differences can occur in the broker that I use, with the broker that the reader uses. Please research first. thanks
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