Today’s trade, selling USDCAD
After a change in direction from yesterday’s early, overall, uptrend. The Cad began a downtrend pattern. I watch for ascending price action lines in a downtrend and descending lines in an uptrend. In this case I took a trade off the break of the ascending trend line. (see pic below). Usually you get good trades when these breaks occur. Just using pricing action and pattern breakouts here, nothing fancy. Keeping my eyes on the charts and waiting for something to stand out is another simple way I will look for trades.
This is a type of raw trading. A lot of professional traders will read the charts like this and trade these pattern setups. Reading the charts, checking support levels, resistance levels and then watching for trades between the two is the basic formula.
Hope you find this helpful!
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