As the price is above the channel, someone might think the price will reverse after hitting the upper trend line…. that, this is just a retracement and then the price bounces back. However, if you check the Ranging Market Detector, the reversal is not supported, yet.
OPTIONS:
1: You have to wait for the confirmation only going LONG after the long-term signal line crosses above -20 and the short-term line is above -20.
2 (a). If the long-term signal line does not cross above -20, go SHORT after the fast/short-term signal line crosses above -20 and moves back below -20 OR
(b). If the long-term signal line does not cross above 10, go SHORT after the fast/short-term signal line crosses above -20 and moves back below 10 OR .
Take home: Wait for a retracement to SHORT or Wait for confirmation to go LONG. See fig.1 below
Fig.1. USDCAD Direction? Early For Both Ways
Seller: https://www.mql5.com/en/users/pipmontra/seller
Ranging Market Detector: https://www.mql5.com/en/market/product/66062
Chart Analyzer: https://www.mql5.com/en/market/product/66927 Telegram: https://t.me/rangingmarkets
Telegram: https://t.me/rangingmarkets
Have a profitable trading day!
