Good Morning Traders,
After closing two very profitable trades this morning, it's only natural to begin looking for new opportunities. I've identified an opportunity on USD/CAD.
On the Daily we have established divergence but have not yet broken the bear trend strength...which makes the approach a likely point to continue the sell.
On the 4 hour we have established divergence but have yet to break the bull trend strength...using the Daily and 4 Hour it looks like the markets intentions are going to be to sell soon.
Divergence is the Market telling you that there is hesitation to continue moving in a certain direction, the higher time frame used for divergence amplifies the magnitude or significance of that hesitation. The Market is smart and needs a reason to continue a trend or break it.
I am posting this as Neutral but will repost when the market has made a decision and a trade can be entered. For now, it is on the Watchlist and my bias is a sell on 4 hour - trend continuation on Daily.
Add your thoughts if you like!
After closing two very profitable trades this morning, it's only natural to begin looking for new opportunities. I've identified an opportunity on USD/CAD.
On the Daily we have established divergence but have not yet broken the bear trend strength...which makes the approach a likely point to continue the sell.
On the 4 hour we have established divergence but have yet to break the bull trend strength...using the Daily and 4 Hour it looks like the markets intentions are going to be to sell soon.
Divergence is the Market telling you that there is hesitation to continue moving in a certain direction, the higher time frame used for divergence amplifies the magnitude or significance of that hesitation. The Market is smart and needs a reason to continue a trend or break it.
I am posting this as Neutral but will repost when the market has made a decision and a trade can be entered. For now, it is on the Watchlist and my bias is a sell on 4 hour - trend continuation on Daily.
Add your thoughts if you like!
