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USD/CAD

  • #12,081
  • Sep 8, 2017 11:33pm Sep 8, 2017 11:33pm
I see both side of this argument. Yes these 2 storms and if there are more along with the removal of undocumented workers and plus stricter immigration laws *don't going into agree or disagree* will have an effect on the economy. Weather people in the the US want to admit it or not they don't want a job. They want a high paying job that doesn't require them to work as hard. *save coal, oil and some farming*. So who is going to A clean up all the debris from the aftermath, who will do all the rebuilding and upgrades in communities. Private companies will be contracted out for this and they will be trying to get as much money from the govt. In turn they aren't going to offer top dollar. They are going to offer the bare min. So who will work these "NEW JOBS" not or average American who feels that they should get $15 an hour to flip a burger.

So could these factors lead to a recession. Maybe it will have an impact on out economy non the less and it won't be for the better. Not to mention we still don't have a true spending bill. About to go back in to Afghan. Talking once again about N korea oh and for those who don't know we still aren't even done here in Iraq. *This guy is here now*.
  • #12,082
  • Sep 9, 2017 8:09am Sep 9, 2017 8:09am
Quoting KeenPips
{quote} If you don't mind, let me counsel that you open a micro live trading account first and take 0.01 lot for each trade. It may be a good technique to open only one position on a trade and close it before taking another position. Trade safe and prosper. KP
Hi KP!
Here is something I do in order to maximize my profits when trading a trending market.
As soon as my position comes in profit, I set up a trailing stop which secures my profit whatever happens. Now that I have a trailing stop on the positive side of my trade, I can open another position with another instrument or just scale the previous position in the same instrument.

Just a hint

Cheers
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #12,083
  • Sep 9, 2017 11:11am Sep 9, 2017 11:11am
Hello mate! It's a good technique and I do it once price action has gone favorably for me and I can locate a good pivot to move my sl. However, the advice I gave was for a trader who is just starting trading a live account.

Trade safe and prosper.

KP
Quoting NotAtrader
{quote} Hi KP! Here is something I do in order to maximize my profits when trading a trending market. As soon as my position comes in profit, I set up a trailing stop which secures my profit whatever happens. Now that I have a trailing stop on the positive side of my trade, I can open another position with another instrument or just scale the previous position in the same instrument. Just a hint Cheers
Do your homework, follow the footprints of smart money
  • #12,084
  • Sep 9, 2017 11:15am Sep 9, 2017 11:15am
Yes, pyramiding works if you are able to get on a trend early enough. Good point bro.

KP

Quoting NotAtrader
{quote} Hi KP! Here is something I do in order to maximize my profits when trading a trending market. As soon as my position comes in profit, I set up a trailing stop which secures my profit whatever happens. Now that I have a trailing stop on the positive side of my trade, I can open another position with another instrument or just scale the previous position in the same instrument. Just a hint Cheers
Do your homework, follow the footprints of smart money
  • #12,085
  • Sep 9, 2017 11:34am Sep 9, 2017 11:34am
Quoting KeenPips
Yes, pyramiding works if you are able to get on a trend early enough. Good point bro. KP {quote}
Yes mate catching the trend is not the easiest in trading FX, but there are several good and simple techniques that can help us determine the direction of the trend as early as possible.
I always look for major S/R levels combined with divergence and I refer to my multiple time frame technical analysis( three different time frames of the same instrument). This gives me the early trend with 80-90% probability of catching the right direction at the very beginning. Ones this is done, the trailing stops do the job for me.

Cheers
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #12,086
  • Sep 9, 2017 11:49am Sep 9, 2017 11:49am
Quoting NotAtrader
{quote} Yes mate catching the trend is not the easiest in trading FX, but there are several good and simple techniques that can help us determine the direction of the trend as early as possible. I always look for major S/R levels combined with divergence and I refer to my multiple time frame technical analysis( three different time frames of the same instrument). This gives me the early trend with 80-90% probability of catching the right direction at the very beginning. Ones this is done, the trailing stops do the job for me. Cheers

Yea! Top-down analysis resulting in directional alignment on three time frames is a good approach. As a swing trader, I use directional alignment on the M1 and W1 time frames for my setups on H4 time frame. There are other details that can be discussed privately bud.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #12,087
  • Sep 10, 2017 3:18am Sep 10, 2017 3:18am
This pull back to the 50% fib may work on the weekly, meaning it may keep going down but by the end of the week may close around this area.
Just a theory Attachment g
  • #12,088
  • Edited 3:42am Sep 10, 2017 3:28am | Edited 3:42am
Sorry guys chart won't upload 50% fib is from jul 2012 low to Jan 2016 high. Using monthly chart and 200 period MA current price is close.
All the best
  • #12,089
  • Edited 5:16pm Sep 10, 2017 5:01pm | Edited 5:16pm
Here's a top-down technical perspective on USDCAD.

The pair has continued its descent. On the monthly time frame, the order flow is clearly in favour of further bearish move. Recent price action is just 110 pips shy of the immediate significant support zone in the 1.19015 area. As this is the first strong move of price action to return to that area since January 2015, we may see further move to target the zone. The technicals on the monthly time frame are in sync for further southward move.

On the weekly time frame, price action is operating in a descending wedge and is presently at the proximal end of the wedge upon a third price wave. Besides, price action is at an area of support on the weekly time frame. Last week a relatively big bearish candlestick was formed which gave a strong intent that bears would follow through the bearish pin bar formed two weeks ago. The technicals on the weekly time frame are in support of further southward move. Such a move is likely to target the immediate support zone around the 1.19015 area.

The order flow on the H4 time frame is clearly under the control of bears. However, last Friday’s sessions bulls pushing back price towards an area of value. The constellation of H4 bullish candlesticks formed on Friday portends a further pullback of price. The immediate area of value for such a pullback is likely to be the 38.2 Fiib zone of the most recent swing low from the high of August 31, 2017; this is between 1.22155 and 1.23097 (bound in magenta horizontal lines). The medium-and long-term technicals on the H4 time frame support further southward, advisably after the short-term pullback.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Top-Down_Analysis_Monthly_10th_Sept.,_2017.png Size: 29 KB


Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Top-Down_Analysis_Weekly_10th_Sept.,_2017.png Size: 32 KB


Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Top-Down_Analysis_H4_10th_Sept.,_2017.png Size: 29 KB
Do your homework, follow the footprints of smart money
  • #12,090
  • Sep 10, 2017 8:31pm Sep 10, 2017 8:31pm
I started live trading again.......took the advice and trade small...... 1,000 units of currency.......my first trade was not the pair we study in this thread........im waiting for another short entry on usdcad at the moment.....i wish to enter based on what I see in the 4HR timeframe..........lets have a good week all around, trading and otherwise!
Focus
  • #12,091
  • Sep 10, 2017 11:52pm Sep 10, 2017 11:52pm
The pair is consolidating with limited upside, but pressure remains on the downside and found the psychological support leve at 1.2000.
  • #12,092
  • Sep 11, 2017 1:26am Sep 11, 2017 1:26am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2017-09-11-02-24-25.png Size: 110 KB
Focus
  • #12,093
  • Sep 11, 2017 1:55am Sep 11, 2017 1:55am
Quoting mrstblefx
I started live trading again.......took the advice and trade small...... 1,000 units of currency.......my first trade was not the pair we study in this thread........im waiting for another short entry on usdcad at the moment.....i wish to enter based on what I see in the 4HR timeframe..........lets have a good week all around, trading and otherwise!
When you get a setup opportunity on the H4 tf, go to a lower tf, say H1 or 15M, to enter upon a pullback to an area of value on it.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #12,094
  • Sep 11, 2017 6:05am Sep 11, 2017 6:05am
USD/CAD is depreciating again and it is at the support at 1.2100, but I think it will keep falling. 1.2060 is the next possible target, should there be a breakout. If it breaks out below that level too I will short again.
  • #12,095
  • Sep 11, 2017 7:44am Sep 11, 2017 7:44am
Quoting KeenPips
{quote} When you get a setup opportunity on the H4 tf, go to a lower tf, say H1 or 15M, to enter upon a pullback to an area of value on it. Trade safe and prosper. KP
Like this?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_2017-09-11-08-43-41.png Size: 129 KB
Click to Enlarge Name: Screenshot_2017-09-11-08-43-03.png Size: 120 KB
Focus
  • #12,096
  • Sep 11, 2017 8:48am Sep 11, 2017 8:48am
Staying away at the moment but i see a good buying level a little lower around 1.19.
  • #12,097
  • Sep 12, 2017 8:42am Sep 12, 2017 8:42am
Alright, someone please flip the switch so this pair will fall about 200 pips.

This is . (hint: first image is a bull)
"What the wise do in the beginning, fools do in the end."-Warren Buffet
  • #12,098
  • Sep 12, 2017 9:23am Sep 12, 2017 9:23am
Quoting OhComeOn
Alright, someone please flip the switch so this pair will fall about 200 pips. This is . (hint: first image is a bull)

...Perhaps the switch has been flipped and its going up 200 pips..
  • #12,099
  • Sep 12, 2017 9:39am Sep 12, 2017 9:39am
Quoting FXClarity
{quote} ...Perhaps the switch has been flipped and its going up 200 pips..
Noooo that cannot be, because I flipped a coin and it landed on tails, so technically that means it needs to fall some more. If it does not fall, I may have to grab a different coin.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
  • #12,100
  • Sep 12, 2017 9:45am Sep 12, 2017 9:45am
I think later this week's US CPI news will determine whether or not there will be further bearish decline below 1.2000. The pair is moving about aimlessly by the looks of it. It needs a sense of direction so this week's red news will provide that.
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