Hi guys. I was on my demo account and I saw this descending triangle consolidation on the USD/CAD currency. From what I learnt, chances are it will breakout on the downside soon. (I already had a sell trade in process since last week).
What are your views??
Additional note : This is based on a 1hr chart. However, the Daily chart too reflects that the trend is going bearish.
Tbh i cant really see what your looking at with all those indicators on there!! Have you found a profitable system using all of them? The only reason i ask is a lot of new traders start of with trying out all these indicators and then realise they are not needed. You are deinately looking for the right things though like chart patterns/support/resistence etc so i think you should choose one or two indicators at the most and scrap the rest! Just my opinion of course.
I believe those messy lines u see on the chart belongs to Ichimoku Kinko Hyo(those 3 MA + Coloured Patch). I used RSI + Stocastic to determine overbought/oversold situation, and trend lines of course.
Yes i am fully aware of what they are. My point is do you know what they are, how they are made and what they do? Do you really think you need them all? It was just a bit of friendly advise that nearly all newbies (including myself) start of with chart like yours and then realise they are not needed. Just wanted to save you some time.
