I'm looking at my USD/CAD Chart and it looks like we touched a low that we have no seen since july 08. Does anyone have any ideas on how to trade this setup or is just to risky? Looks like strong support at the 1.0062 level. Would it be unwise to short this if it breaks this key level?
If this helps...
This isn't a pair I trade, but I've got an alert set for when the pair reaches parity before I start looking for where to place a long entry. With NFP due out tomorrow, and the dollar looking a bit weak at the moment, I'm 'hoping' this will be sometime next week. If I were looking to short this pair, I'd be looking for a retrace tomorrow pre-post NFP and then shorting either tomorrow or next week.
There could be a dip beyond the support to, say 1.024 or thereabouts, just below last months' low, and 40 odd pips below where you're looking to short from, and then you could get a rebound - or a CBN intervention which suddenly spikes the pair up a few 100 pips, like the Swissy today, leaving your short orders in a pretty bad state.
In essence, if I were trading this pair, I wouldn't be shorting from 1.062, but with good mm, and a stop loss, you do what you think is right.
Ideas on current price levels
The longer term trend on USD/CAD is undoubtedly down, as the trend for the past year has shown us.
The current price level is at the bottom of a mutli-month channel, and is also at the incredibly important parity level. If ever there was time for a pullback this is it. I increase my odds by not trading against the longer term trends, so I'm out of any positions in this pair at this time. If I was looking to go long, I'd wait for a break above 1.0075, but I'm going to wait for a further move to the upside, and a resumption of the downward trend before I initiate any new positions.
Anybody out there have an open position on this pair?
I am long @ 0.998725
I am going to stick with this trade for a while if I have to.
Add more Longs around @ 0.9900 or so if I have to.
Your doing exactly what the big guys want. Why the commitment? You married to U/Cad ...
I think the CAD is WAY overvalued myself but I wont stay aboard a sinking ship.
I don't see any form of support until we arrive at the 9942-9938 area ....... assuming we ever get there.
MONEY > Ego
If you actually knew what the Big Boys know and what they are going to do (which you claim) you would be a multi-millionaire by now with better things to do than talking to a nobody (in trading terms) such as me.
I am not married to her but she is my Mistress.
like I said above, I will wait till 0.9900 (it would not be a surprise if it gets there) before adding more Long positions.
I've no time to run on with you dude... whatever works for you, to each their own.
Only time will tell.
Even if this ends up being a losing trade, it will be a loss that I will consider to be manageable.
Usaly I only see your posts on the AUD thread which just happens to be the best thread here. I'm telling ya, if your going to trade the AUD/USD, forget the so called experts, instead read that thread. The so called amatuers outperform the so called experts on a regular basis.
No, this trade is not going as planned. But, before I entered this trade I was more than willing to let it go down to 0.9900. I thought I spotted an uptrend but I was wrong.
Went Long 1/2 my usual amount and will add more if the price or a strong move on the upside happens.
Long term I see the CAD gaining on the doller.
Short term I see 1.0039.
Still working from those yearly charts i see.
I aint got the patience for it but I admire the fortitude it takes to hold a long term position; to be down 500 pips....no panic, and take it all in stride.
for the record yory... i was actually being nice. although my post may have came off as snobbish. but anyways.
long @ 0.9966 ... sl at 9971.
second long @ .9942/38 when the above gets stopped out for +~5 pips.
Although I have to wonder at what point will the bears stop getting fed...
It appears the majority of longs are still holding unto their positions. (Common information)
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