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Thomas Long, Course Instructor

eurcad 032310

The lower lows and lower highs on both time frames also allows the trader to move further down to the hourly chart to find their entry and exit on a selling opportunity. This is especially useful for those traders who wish to be more active in their trading as the hourly chart will offer more trading opportunities than the 4-hour or daily chart. The trade off is that the trades on the hourly chart may not be a reliable as the trades found on the daily chart. So to increase our chance of success, we should use a top down approach to finding trades on the hourly chart. These two charts of the EUR/CAD show a good example. The daily chart shows a strong downtrend and so does the 4-hour chart. I would continue to look for sells on this pair, especially on a move down through the 1.3619 low. In addition, as long as the 4-hour chart continues to show the strong downtrend as seen on the daily chart, the use of an hourly chart to find that sell entry and exit can offer more trading opportunities to those who prefer to be more active.

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