I usually do not trade this pair very often but I decided to go Long.
Got in at 1.03171.
Keeping my S/L very tight.
Got in at 1.03171.
Keeping my S/L very tight.
(False) Breakout & Trend Reversal Strategies?? 12 replies
Trend Reversal Confirmed? 0 replies
POLL- Trend Reversal or Retracement 0 replies
Are we close to TREND REVERSAL? 5 replies
DislikedGood luck with that trade. Oh, and remember that of the Big 5 banks ranked in Canada Scotia is number 6.
Not to mention that the weekly is showing divergence but hey your positive about your trade thong and all so no problem.
Oh another thing, The Canadian government said just last November that it would not be increasing rates anytime soon because of the concerns over the export manufatures in Canada and the weakness of the US dollar.Ignored
DislikedScotiabank sheet today : CFTC data: big boys are largest net long position on CAD.
They are looking @ parity mid-2010 & .97 @ year end.
So I shall "thong" US/CAD ( not a pretty visual) but the profits will pad my "codpiece".
Yep; I shall become a bare on this pair.Ignored
DislikedJust some food for thought:
Anyway, I think the the USD/CAD will run into a lot of (corporate) bids at 1.0265 and then at 1.0200-1.0210 area. Overall, I still think fading rallies is the best option and 1.0370 or should this pair breakthrough there, 1.0420, are areas I would look at selling on failures. As for buying, at the moment I am going only short...but would buy a bounce around 1.0205 or sell a break at around 1.0195ish...Ignored
Dislikedhahaha!!! Poutine for me please!
Overall, no idea, and will sit out until at least an hour or two after the releases, maybe longer if things get messy.Ignored
DislikedI'm out U/cad & shall wait out the fluctuations due to nfp & other news.Ignored
Dislikedhahaha! No problem! Although I prefer Venge...for no real reason...
Personally, I don't really use much in the way of indicators. I look at them once in a while, just to be in the know as to what other traders are likely thinking. Bollis are decent for support/resis. as are SMAs & TLs as well, of course, as using actual price action - prior high/lows, congestion areas, etc.
And although I still favour selling rallies, I stayed out at 1.0370 mainly due to the 5 min and 15 min charts not showing a couple tests of rest. before failing. Just one...Ignored
DislikedYour input is the exchange of info that I think will assist others trading this pair
My Monthly: up TL from 11/07-10/09 -1.0343 is the support $. <than 1.03xx is down bias.
MacD Month going down< signal/< H2O
Oct 09 low 1.0204 great stop (as you indicated)Ignored
DislikedWell the area I was hoping to TP at if rate had hit my limit at 1.0205 proved to be good support as USD/CAD was unable to breach it. Pretty good bounce higher and is finding difficulty pushing through intra-day support at 1.0333, which coincides with 100 hr. SMA. Looking to now buy at a break here to ride up to 1.0400 or conversely, get short if it fails... Anyone else have some ideas?Ignored
DislikedVenge: Why are you buying?????
What TF are you basing your trades on? Post your TF & tell me why you made that trade! See if I can give some advice that might assist you.Ignored