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USD/CAD

  • #16,001
  • May 10, 2021 7:47am May 10, 2021 7:47am
Quoting alivepool
{quote} I also hope so bro. I am heavily long on usdcad. Already 40% DD
maybe few years down the road you will really truly understand that one of the main reasons that account gets blown is big lot unit size.
ITB - Seeing Orderliness amongst 'Randomness'
  • #16,002
  • May 10, 2021 8:05am May 10, 2021 8:05am
Quoting Inthebox
{quote} maybe few years down the road you will really truly understand that one of the main reasons that account gets blown is big lot unit size.
I traded fx few yrs already. Got blown few times already. Guess its really the R/R above anything else. I see fx as chinese opera. Last few weeks, usd is king, riding on high treasury yield. Today usd is slave n cad becomes new king. Change of tide every now n then so actually with good money risk mgmt, will survive the tides in fx sea.
  • #16,003
  • May 10, 2021 8:30am May 10, 2021 8:30am
Quoting alivepool
{quote} I traded fx few yrs already. Got blown few times already. Guess its really the R/R above anything else. I see fx as chinese opera. Last few weeks, usd is king, riding on high treasury yield. Today usd is slave n cad becomes new king. Change of tide every now n then so actually with good money risk mgmt, will survive the tides in fx sea.
the main reason i suspect is that we know at the back of our mind we have to trade with the trend, but the excitement is in the counter trend. hey look my entries at the apex. i may be wrong.
i don't know much about fundamentals or treasury yield.
what i do know from the chart is that for more than 2 weeks, none of d1 candle closes above a previous d1 high. until then there's no reason for me to buy.
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
  • #16,004
  • May 10, 2021 11:28am May 10, 2021 11:28am
Quoting Inthebox
just arrived at london open. maybe sell opportunity if pullback, otherwise forget about chasing. {image}
Quoting Inthebox
{quote} think this way sell high buy low for lower SL risk. asia session already moved around 35 pips and if sell at london open there is possibility of selling around round number 1.21 which could very well be a short term support zone. there are 3 resistance zones in the chart. if the pullback is weak, could reverse around yellow zone. quite often price tests the asia high.
result.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,005
  • May 10, 2021 11:34am May 10, 2021 11:34am
coming down to major support.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,006
  • May 10, 2021 1:01pm May 10, 2021 1:01pm
May we have touched the deep of the sea
MT4, QChartist, Stooq, Alpha Vantage, TC 2000, TradingView, Yahoo Finance
  • #16,007
  • May 10, 2021 1:17pm May 10, 2021 1:17pm
Quoting Inthebox
coming down to major support. {image}
so if break this major support, then we can expect further downside?
  • #16,008
  • May 10, 2021 9:19pm May 10, 2021 9:19pm
Quoting Fxprefect
{quote} so if break this major support, then we can expect further downside?
yes IF price breaks convincingly.
since it's a major support and a thick zone, my initial reaction is that price will get rejected and bounce up. suspect that it could be no further than the 2 zones fib 38 - 62. could take days or weeks nobody knows. just watch how price reacts.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,009
  • May 11, 2021 4:01am May 11, 2021 4:01am
Quoting Inthebox
{quote} yes IF price breaks convincingly. since it's a major support and a thick zone, my initial reaction is that price will get rejected and bounce up. suspect that it could be no further than the 2 zones fib 38 - 62. could take days or weeks nobody knows. just watch how price reacts. {image}
It go up just now n come down strongly again..feel up it totally has no strength to recover up. Maybe wait next retracement up, just short it n forget n wait green pips
  • #16,010
  • May 11, 2021 4:32am May 11, 2021 4:32am
Quoting alivepool
{quote} It go up just now n come down strongly again..feel up it totally has no strength to recover up. Maybe wait next retracement up, just short it n forget n wait green pips
patience is one of the most important traits of a successful trader.
will take a long time to cultivate.
recognize that it is ranging now?
what does one expect price to do when it is at an important level?
has the high low of asia session been convincingly broken?
for that matter the day high low later on?
it can go either way.
what i mentioned may mean nothing to you at this moment.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,011
  • May 11, 2021 5:13am May 11, 2021 5:13am
Well... if I open position on USDCAD it'll be short. Cause the market shows short movement. Hope it'll change the direction soon.
  • #16,012
  • May 11, 2021 8:54am May 11, 2021 8:54am
Quoting Inthebox
{quote} patience is one of the most important traits of a successful trader. will take a long time to cultivate. recognize that it is ranging now? what does one expect price to do when it is at an important level? has the high low of asia session been convincingly broken? for that matter the day high low later on? it can go either way. what i mentioned may mean nothing to you at this moment. {image}
Good advice, will rem

Why is oil suddenly spiking up n pulling usdcad so down
  • #16,013
  • May 11, 2021 9:05am May 11, 2021 9:05am
Quoting alivepool
{quote} Good advice, will rem Why is oil suddenly spiking up n pulling usdcad so down
oil is testing resistance (support has just been formed and big boys were buying at cheaper price) just as usdcad is testing the support which i think will not break just yet. somehow will range again.
ITB - Seeing Orderliness amongst 'Randomness'
  • #16,014
  • May 11, 2021 9:16am May 11, 2021 9:16am
usdcad is playing the top and bottom today. LOL.
ITB - Seeing Orderliness amongst 'Randomness'
  • #16,015
  • May 11, 2021 9:59pm May 11, 2021 9:59pm
did some double bottom buy.
notice the expansion of range.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,016
  • May 11, 2021 11:53pm May 11, 2021 11:53pm
price reacts to previous 2 days' high.
ITB - Seeing Orderliness amongst 'Randomness'
  • #16,017
  • Edited 1:49am May 12, 2021 1:26am | Edited 1:49am
I think it boils down to whether fed is proven wrong. If fed is damn wrong about the transitory inflation, usd will shoot up. Tonight cpi data will reveal. Fed has been killing usd due to its stubbornness and high ego to admit wrong. Quite foolish of them especially in today's crypto world when anytime usd can be replaced as reserve currency.
  • #16,018
  • May 12, 2021 3:49am May 12, 2021 3:49am
Quoting Inthebox
price reacts to previous 2 days' high.
buy at support, sell at resistance.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #16,019
  • May 12, 2021 3:50am May 12, 2021 3:50am
Quoting Inthebox
price reacts to previous 2 days' high.
It hit past previous 2 day high but immediately retreated towards prev 2 day low. So if it breaks below that , can we confidently say it will be mostly going lower for rest of the week?
  • #16,020
  • May 12, 2021 3:58am May 12, 2021 3:58am
Quoting alivepool
{quote} It hit past previous 2 day high but immediately retreated towards prev 2 day low. So if it breaks below that , can we confidently say it will be mostly going lower for rest of the week?
Credit suisse today said UC will breach below 1.2 in the coming weeks. Whatever they said, can consider take a contrarian view.
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