6m 47s: Lenght

To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=how_to_trade_forex&ad=opkmu-uWEVs Moving on over to the USDCAD. Similar situation. We’ve been in a buy here on the USDCAD. You could see the trade going down here, 1.3105 at the very bottom of the chart. Currently sitting just underneath the 100-pip mark. It continues to grow as it pressures back higher towards the green-shaded area at the very top of the chart. Let’s zoom it in one time here on the daily timeframe. You could see the resistance. Left-hand side of the chart. Little, blue box over here, top left. You could see the resistance here. Over the past several weeks, we’ve seen resistance here, so we know resistance is coming at the top of this blue box into the green-shaded area on the right-hand side. So, we know resistance is coming at the green zone, so we need to be cognizant and aware of that because when it hits there, we want to be sure to protect protect. Maybe close some more profit. We don’t want to go long into the green-shaded area. We don’t want to go long the closer it gets towards it. I think there might be an intraday opportunity to go long as it sits down at support. It’ll be much more evident as we get down to the four-hour chart that this orange-shaded area, 1.3175 is holding as support, very similar as it did down here at the yellow-shaded area, where our entry is currently on the current trade. So, we want to watch that as we get down to the four-hour, but the closer we get to this green-shaded area, we need to be cautious about going long until one of two things happens. It comes back down to the orange zone, maybe the yellow zone, but breaks through that green-shaded area. Again, we have significant news coming out of Canada and the US tomorrow, so this could change everything for the USDCAD trade. But currently we’re holding the buy from the yellow zone, looking for it to stay above the orange zone and target the green-shaded area. So, your intraday trading opportunity could be buying at the orange zone, targeting the green zone. Now, when it reaches the green zone, there is, again, the potential for reversal. We’ve already seen it several times going back all the way to the left-hand side of the chart, so there could be an intraday opportunity for resistance at the green-shaded area. Let’s go ahead and take it down to the four-hour timeframe. And all of this is really just for the day today, until we get into that significant news tomorrow. Take a look. Go back all the way to the left-hand side. You could see multiple opportunities for support into the orange-shaded area and rallies to the green zone. I’m looking all the way back here, where this black X is over here. Look at all that support into the orange zone. Finally it broke through it. Went all the way to the pink zone. Came back up. Right here, again. Let’s put another black X there. Right here in the middle, you could see support again there at the orange zone. Then it went up to the green zone. Broke through it. Went down to the pink zone. Came up. Found resistance under the orange-shaded area here. So, we know the orange zone is a significant decision point. Came back to the yellow zone. That’s our entry by the way. We’re holding down there at 1.3105. Came back up. Now we’re sitting on top of the orange zone. So, what has history told us about sitting on top of the orange zone. Support and support. So, for the day today, I expect support into the orange-shaded area, just like it did here and here. So, let’s look at that as an opportunity for the day. Your risk of course is that it breaks the orange zone. So, you don’t want to stay in it too long if it breaks through there. Stop loss probably somewhere down around the 1.3120 or so level, give or take a few pips here or there, but definitely underneath the orange-shaded area and targeting the green zone, just like it did back here on the far left-hand side of the chart. Then, once it reaches there, protect. Close profit. That’s what I’ll be doing on the current open position, and then we could potentially look for a bounce off of there like it did back here, but definitely watching into tomorrow’s news for the next opportunity for the USDCAD. https://www.youtube.com/watch?v=opkmu-uWEVs Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.