USDCAD: trend trading and Tim Westian logic
In this chart I decided to illustrate part of how I approach trading after the training I received from my mentor Tim West.
I'm using my take on ucsgears' value bands, with the periods Yacine Kanoun helped me fine tune, as a nice way of presenting the range in which the currency moves, up and down, consolidating, trending, and rebounding whilst maintaining a general direction, in this case up.
The horizontal rays mark areas of consolidation, where price moved laterally, gravitating around the mode in Tim Westian terms.
I've traded this pair extensively, and finding the right timeframe for each mode proved to be a great way of finding the optimal trades and stop placement areas.
His method gives me a statistical edge when faced with the market and its constant search for value.
Now, as for the forecast part, right now, I wouldn't take a trade here, not in this timeframe at least.
Price rallied abruptly, breaking out from the last mode, and hasn't retested it or crossed it down yet, but it also didn't produce any new highs for 2 days, and the bar range and close position have been tightening, forcing me into a neutral and slightly bearish stance.
To learn the specifics of this method, you'd be better off contacting the creator, since I am just an apprentice, but yet I managed to get consistently good results, thanks to Tim's teachings.
Make sure to check out his Key Hidden Levels chatroom, for interesting insights about the market, as well as advice from the man himself.
I'm using my take on ucsgears' value bands, with the periods Yacine Kanoun helped me fine tune, as a nice way of presenting the range in which the currency moves, up and down, consolidating, trending, and rebounding whilst maintaining a general direction, in this case up.
The horizontal rays mark areas of consolidation, where price moved laterally, gravitating around the mode in Tim Westian terms.
I've traded this pair extensively, and finding the right timeframe for each mode proved to be a great way of finding the optimal trades and stop placement areas.
His method gives me a statistical edge when faced with the market and its constant search for value.
Now, as for the forecast part, right now, I wouldn't take a trade here, not in this timeframe at least.
Price rallied abruptly, breaking out from the last mode, and hasn't retested it or crossed it down yet, but it also didn't produce any new highs for 2 days, and the bar range and close position have been tightening, forcing me into a neutral and slightly bearish stance.
To learn the specifics of this method, you'd be better off contacting the creator, since I am just an apprentice, but yet I managed to get consistently good results, thanks to Tim's teachings.
Make sure to check out his Key Hidden Levels chatroom, for interesting insights about the market, as well as advice from the man himself.
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