We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of Australian Dollar/Canadian Dollar (AUDCAD).
It is interesting to see that classic chart patterns that were originally used in the stock market like the Head & Shoulders base,play out in all markets including Forex.
The reason these patterns work in all markets is that the patterns are tracing out the human emotions and human emotions are the same no matter what market you are trading.
On the AUDCAD chart MarketClub put in a daily Trade Triangle buy signal right before the break out of the Head and Shoulders base.
MarketClub then put in a weekly Trade Triangle buy signal right at the break out of the neckline.
As you follow classic chart patterns and MarketClub's Trade Triangles I think you will see that the MarketClub signals often come in right at a classic entry point for that chart pattern.