Forex USD/CAD Daily Video, February 04, 2019

[Sive Morten]

Good morning,

Loonie dollar is forming interesting setup on monthly chart that is based on political background and unrest in Venezuela:



The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[verbazo]

I think I have to take sell or is here something wrong (butterfly)?

 

[Sive Morten]

I think I have to take sell or is here something wrong (butterfly)?

Hi,
fast acceleration right to the target of AB=CD makes possible only scalp bearish trade on 5-15 min chart. It is better to avoid taking position against
strong acceleration, especially when it happens right to targets (OP, butterfly etc.).
If you still want to go against it - drop your time frame and try to get reversal pattern that confirms your decision. Besides, pattern lets you to place
better stops.