I figure I might as well start a thread showing a few things I look for when I want to open a new trade. To me its the simple way to trade without all the extra indicators. All encouragement and criticism is welcome. JOHN 3:16

There's nothing that indicates a decline in USD/CAD, especially close above the last week's consolidation - 1.60 is the profit target for those who are willing to wait - I've been monitoring it daily, and there's no a reverse signal yet on my daily chart - not even a "stretched" one. Good lucky if you're bringing this beast. Just out of curiosity, if you're bringing it, what is your driving size?

Quoting {quote} I don't have oil on my charts. I strictly trade forex but I'''m considering getting into other things other than forex. If I had the time I would start looking into it. Maybe someday. You are right though with usdcad, it have gone so high in a quick time but I've been in for a while now on it. I wasn't trying to tell any one to buy the crap out of it right now but price action is saying nothing but longs. I agree with you but in opinion Oil and USDCAD are already correlated and oil is very low. Also there is a divergence in both pairs soware By the way, u.

Quoting {quote} Those are all round numbers, do you only look at those? No, I don't only look at round numbers but, with a pattern like the one we have on a chart like this, that is the area I feel like it will stop going up. It will take a while to get there worth the wait. I will probably be a tad conservative and start taking profits around 1.5700. I will say through, round numbers are good psychological areas for trading. JOHN 3:16

Quoting {quote} Okay, so you will buy on the delay to those highlights ?? It all depends on how much it delays. I just got home from work, turned the charts on and this is what I see... The highlighted bar makes me want to go long a little more but this time of day, I''m not too sure. The first chart is a 1 hr chart. And the 2nd chart is a 5 Min. If there would be a strong bar with a close vault the trend line, I probably would't say no and jump in for a little more. JOHN 3:16

Quoting There's nothing that indicates a decline in USD/CAD, especially close above the last week's consolidation - 1.60 is the profit target for those who are willing to wait - I've been monitoring it daily, and there's no a reverse signal yet on my daily chart - not even a "stretched" one. Good lucky if you're bringing this being. Just out of curiosity, if you're bringing it, what's your moving size? I'm a chance taker. I don't have a trailing stop. If I was bringing it, I would probably use one that is around 75 pips at least. JOHN 3:16

Butterfly pattern with trend line is famous one, there is 40 candle stick patterns but important patterns are around 20

Quoting {quote} No, I don't only look at round numbers but, with a pattern like the one we have on a chart like this, that is the area I feel like it will stop going up. It will take a while to get there but the wait. I will probably be a tad conservative and start taking profits around 1.5700. I will say though, round numbers are good psychological areas for trading . What kind of pattern is it? Does it have a name?

I couldn't help it. It broke above the trendline and I got in. The network arrow is where I take another long. This is trading based on price action solely JOHN 3:16

I've been watching this one for a while now. Looks like it about time to get in long in this one. JOHN 3:16 1 3 4 5 6 7

Quoting I''ve been watching this one for a while now. Looks like its about time to get in long in this one. {image} are you a long term trader? (.