Currency $USDCAD: How to use multiple alerts together to confirm an opportunity. April

Just wanted to touch base again on using multiple alerts. In the march article I talked about using the suggested profiles label “Bullish Trend All Timeframe Scan” or “Bearish Trend All Timeframe Scan”. Combining these alerts with heat map email alerts. I wait for a pair to show up in the all bullish or all bear then I start to watch the heat map email alerts.

Just recently I saw an alert from the all bullish for $USDCAD. I started watching for the alerts. I had a 5 time and a 6 time buy show up. Lets break them down with the charts and see what happen.

Here is the alert for all bullish $USDCAD

Again the all bullish is looking at the Monthly, Weekly, Daily and 4 hour. we looked at Monthly, Weekly, Daily and 4 hour time frame provided by Tradingview.com.   Here is the chart setup.

Now here are the heat map email alerts that came out that same week.

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Looking at the heat map email alerts there is only on break out. Its on the 30m. Lets take a look at this chart

This trade started out good but immediately reversed. Here is look at the after shot.

A lot of volatility in the lower time frames. If you  take a look at the 4hr it seems to be holding the trend. So you have to be careful on the lower time frame. Keep risk low and reward high. But you can see here on the 30m it went bear then broke back bullish across iMTF™ dots. There are several pull back opportunities but no real good break out set ups. Keep an eye out for the rest of the month and watch the $USDCAD.  Its key to see if the higher time frames are still trending or starting to slow down do a pull back on the higher time frames. We will know from the opportunities or lack of on the lower time frames.

 

If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com

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About the Author Michael Colquitt