- Raghee
Both the three and four hour charts on the USD/CAD are heading lower as the Wave travels downward at four to six o’clock.
I’m using a slightly different chart than I have in the past for this post…I have all the studies (”on/off” indicators) visible as well as some lines and levels. But remember, only consider the trendlines in a swing set up for profit targets and potential stop loss placement.
The push lower is leading us right to the daily chart support at the top line of the Wave. The three and four hours chart (above) are still perfectly valid swing shorts as we approach the daily chart swing buy.
The daily buy point is currently the 1850 level and I would even consider the 1900 level as a more aggressive buy.
So there the “OTLTA” (One Thing Leads to Another) set up on the canada.
Don’t for get the crude oil factor!
We’re at a point where the next leg of crude oil is setting up with an intraday momentum play.
- Raghee
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I’ve always thought and been thankful that I came to the forex market after trading futures for many, many years. I want to share that insight with you here with this Forex Market Pulse series that I did at FXStreet.
I have been talking about the dollar, Dow, crude, and gold since my first book and have been trading these markets for years before that. The correlation between these four markets and the forex is one that you can benefit from each and every day…it’s practical, and more importantly, applicable!
- Raghee
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Confidence = Comprehension + Confirmation
THAT’S the magic formula.
- Raghee
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“Fibonacci based exponential moving averages”…say that three times fast.
- Raghee
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Why Lazy Days Lines? What ARE Lazy Days Lines? Your answers are here…
- Raghee
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After Noon EST I stop looking for new trades to enter in the forex market. The reason is simple: London is closed.
However, I still may be doing one of three things
1) Manage existing forex positions
2) Looking at futures trades/positions
3) Looking at stock and ETF trades/positions
For this I want to narrow down my charting to these specific needs. I don’t need to triage across time frames. Heck, I don’t even need need all four of my monitors full of charts and quotes…having all that information in front of me is distracting during the doldrums. So after Noon I transition to this view below on a single monitor. It allows me to keep an eye on some key factors that make a big difference in my trade management. Each of these ten charts — spread across about 2/3 of a single 20 inch monitor — allows me to see market correlation (#3), the market cycle across the 30, 60, 180, 240, and daily time frames (#4 to #8), see my Lazy Days Lines (#2 and #9), and trendlines (#1). The sizing on these charts are also “content friendly” and by that I mean that they are the correct size for the articles, blog posts, and videos that I create on a daily basis. You can create a focused “dashboard” for the doldurm hours to keep you from actively trading during this time, to stay focused on trade management, but still be able to keep in touch with what the markets are doing.
- Raghee
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