Monthly Trend Shifts Higher for USDCAD
The direction on the Monthly USDCAD chart shifted higher on yesterday’s close, to join both the Weekly and Daily trends in pointing higher.
In the chart below we see price above its Monthly – maroon – Weekly –white—and Daily – yellow – Directional Lines.
Monthly trend shifts can prove significant events, as we saw at the end of May in the U.S. Stock market and AUDUSD – see: http://www.forexfactory.com/news.php?do=news&id=238960
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Jay Norris is the author of Mastering the Currency Market, McGraw-Hill, 2009 and a principal in Trading-U.com. To see details of Trading-U’s intermediate level trading course go to Course Work
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You sounded quite excited about this in yesterday’s daily report, Jay. The monthly trend shift that I was quite excited about was eurgbp which at last ended the month below the low of month ending 12/2008.
Hi Andy,
Yes they are big. Dangerous too becuase the volatility kicks in. An old timer on the trading floor used to say, price movement isn’t what gets you, it’s always size — meaning trading too big.
Yeah that’s big n EURGBP too. It finally closed below the low of that 12/08 exaustive momentum candle