FX.co ★ crystal66 | USD/CAD

USDCADHello traders! The slope of the linear regression channel on the M15 chart is upwards. For me, this is a sign that there is a strong buyer in the market exerting pressure on sellers, indicating a potential for buying opportunities. While there is a possibility that I may be wrong, considering selling in my case would mean going against the market, which could lead to significant losses compared to entering long positions in line with the trend. Therefore, by setting a stop loss, it is always possible to limit losses in case the market moves against the trading plan, with the stop not exceeding the entry point of 1.36848. In my case, I will wait for the price to drop to the lower part of the channel, around the level of 1.36848. Near this level, I will look for an entry point for a long position targeting the upper goal of 1.37599. Selling pressure should be expected near the upper channel boundary. It is advisable to hold off on buying until a correction forms.

The linear regression channel on the hourly chart is pointing upwards. The M15 channel is also aligned in the same direction. The consistent movement of both channels highlights an upward trend in this instrument. Currently, buying opportunities are important to me. I consider an entry point near the lower part of the channel, around the level of 1.36615. Presumably, the market is moving towards 1.37547 - the upper boundary of the channel where a market slowdown is expected. If the market lingers near the upper channel boundary for a long time, a drop to the lower part of the channel is likely. I will skip selling during downward movements towards the lower part of the channel. Selling would mean going against the trend, and if there is no pullback and the uptrend continues, I will miss out on potential gains. Therefore, I use a market entry method on pullbacks. I believe that this approach will align me with a strong player who will push the market upwards, breaking resistance levels. The potential for reaching new highs in this case increases significantly.