USD/CAD for newbies

I switch to the 5 Minute Timeframe and this is where i will try to enter the market

I see some upward movement and open a BUY TRADE

More upward movement

More upward movement so i set my STOP LOSS and i make it tight so as to secure my profits

$31 Profit

My Stop Loss has been hit

So i have been closed out but I left the market with $31 profit.

Remember the lines I drew in the begining?

Price has gotten to the upper line which now acts as resistance

price is testing it but cannot break past it so i place a sell order because i expect price to fall downwards

i place a sell order because price cannot break the blue line and is reversing and moving downwards

Watch as price has reversed and is moving downwards

So i set my STOP LOSS so i secure some profit.

If price starts moving upwards considerable my Stop Loss may be hit but at least i will exit with some profit

Stop Loss has been tightened to secure more profit

Formidable Resistance Line here guys (The Sky Blue Line)

Price couldn't break past it and reversed downwards

My Stop loss was hit and i exited with profit but the market keeps moving down so its a good time to short USD/CAD

Chart 1:

USD/CAD is in an up trend so i place a buy trade

Chart 2:

I input the RSI indicator which shows me USD/CAD is overbought so i expect the trend to reverse soon. I place a Take Profit not too far away because of this.

Chart 3:

Take Profit has been hit and i exit with a quick profit

Chart 1:

I see a downtrend falling towards a key support level (yellow line) so i enter a buy trade because i expect upward movement to start

Chart 2:

I activate a trailing stop loss as price starts going upwards in my favor

Chart 3:

Trailing stop loss is hit but i secure some profits. Price keeps moving upwards after i exit

Good Morning Guys

This is a 1 Hour chart of the USD/CAD using the broker FxPro

The yellow lines i drew are to mark the lowest & highest prices reached during the Asian session today.

The 3 green bands overlaid on the charts are the Bollinger Band technical indicator and whenever they squeeze together it is always followed by a lot of action with price surging forward wither upward or downward.

This is the 5 minute chart and as you can see price has broken the upper yellow line which acted as resistance and this is a good time to buy

Good Morning Guys,

Today I can noticed the market was kind of slow because i saw small sized candlesticks so i used the bollinger bands indicator which showed the market was in a squeeze.

Usually when theres a squeeze in the bollinger bands (when they are near each other) it means a burst of activity will soon be starting

You can see the 3 squeezed bands marked in circle

I use 2 red horizontal lines to mark the upper squeeze and lower squeeze so that when the squeeze starts to relax i will know.

I notice that the squeeze is relaxing because price has broken through the lower red squeeze line so i place a sell order and set trailing stop loss

My stop loss is triggered but i exit with profit. However, you can see price keeps going down

Nice strategy on the BB's .