Disliked1. Here is my observation about USD/CAD on Feb 14, 2007 at 3:19 PM GMT.
USD/CAD is in down trend mood as Phillip qouted earlier (because it is below 89 MA).
2. Has completed a counter-trend trade upwards (long) when it completed (i) 'higher low' and (ii) 'bottom round' signals, even though the bottom rounding was not perfect.
3. The counter-trend trade just turned out to be a flat trade and ended touching 8 MA and was not profitable.
4. Recently initiated a 'trend continue' signal (at one bar before the current bar) and it will complete this initiation of the 'trend continue' signal once the current bar is completed at 16:00 GMT.
5. It has gone down a lot in vlaue (after crossing below 89 MA), hence trend continuing further down is week, never the less it is a 'trend continue' signal to go short.
6. There is no signal to go long at this time (3:32 GMT) as the previous two up-going signals ('higher low' and 'bottom round' signals) have done their job with that small counter-trend trade I mentioned earlier.
Phillip, please analyse my observations in detial and comment. I want to make sure I am in the right track with you.
Thanks.
-ChandraIgnored
Chandra,
Thanks so much, I really appreciate that your superb analysis, very well thought out.
Phillip can add to the Chandra comment as she humbly asked.
Thanks phillip for given us 'The Rookies' this great opportunity.
Many more pips to everybody in the house