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USDCAD trend reversal?

  • #81
  • May 18, 2007 10:09am May 18, 2007 10:09am
Does it still look like a trend reversal Not making fun I swear, I lost money here too, but yes it looks like time for a long. I would wait for some affirmative upwards movement first though, then it will be good for about 100 pips. Good luck.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #82
  • May 18, 2007 10:20am May 18, 2007 10:20am
I think a lot of people will collect some profits from short trades and go long with the touch of the 30 year low today.
  • #83
  • May 18, 2007 10:22am May 18, 2007 10:22am
take a look and reply your idea ...

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  • #84
  • May 18, 2007 10:25am May 18, 2007 10:25am
Quoting viking
take a look and reply your idea ...

Attachment
This is what I'm on.

Recurrent long-term pattern repeating and about to boost it down the road. Long-term wise, though.
Attached Image
  • #85
  • May 18, 2007 10:28am May 18, 2007 10:28am
Quoting cesarnc
This is what I'm on.

Recurrent long-term pattern repeating and about to boost it down the road. Long-term wise, though.
But i am talking about short term not long term
  • #86
  • May 18, 2007 10:33am May 18, 2007 10:33am
Quoting viking
But i am talking about short term not long term
I know... But I will be SL 0900 + adding at corrections + first TP unknown for the next several months...

Hey, if this is happening as it looks it is in the monthly chart, we are talking 600-1,000 pips in a 1 chance in 2 years set up...
  • #87
  • May 18, 2007 10:44am May 18, 2007 10:44am
Quoting viking
take a look and reply your idea ...

aye touching my 4h and daily bottom channel, looks like it could take a small pull back up. Not sure I'm taking the long, likely just take the short off the top or mid channel line. Thing is really makes some sharp turns down and would hate to be on the wrong side of it. Bottom channel is lining up with the weekly support level 3 at 861
  • #88
  • May 18, 2007 10:50am May 18, 2007 10:50am
Hi guys,

Does anyone have an elliott wave count for this pair? I tried to do some "counting" and it shows that it might go down to 1.0490-1.0535 area before any significant pull-back up.
  • #89
  • May 18, 2007 11:12am May 18, 2007 11:12am

loonie is commiting suicide for the canadian economy.

  • #90
  • May 18, 2007 11:27am May 18, 2007 11:27am
branacHi guys,

Does anyone have an elliott wave count for this pair? I tried to do some "counting" and it shows that it might go down to 1.0490-1.0535 area before any significant pull-back up
I m short at 1.0995 it is now at 1.0882 thats more then +100pips n still holding till price action tells me otherwise btw i just wish your EC prediction holds good, btw the entry price above is the last consolidation median price on 4h tf
Just head south still u see a sign post on price telling u to head north, we r traders we dont need to predict or speculate on price, we just trade when we see some bread lying around to be taken at the profitable price
  • #91
  • May 18, 2007 11:29am May 18, 2007 11:29am
Quoting branac
Hi guys,

Does anyone have an elliott wave count for this pair? I tried to do some "counting" and it shows that it might go down to 1.0490-1.0535 area before any significant pull-back up.

I m short at 1.0995 it is now at 1.0882 thats more then +100pips n still holding till price action tells me otherwise btw i just wish your EC prediction holds good, btw the entry price above is the last consolidation median price on 4h tf
Just head south still u see a sign post on price telling u to head north, we r traders we dont need to predict or speculate on price, we just trade when we see some bread lying around to be taken at the profitable price
  • #92
  • May 18, 2007 11:44am May 18, 2007 11:44am
oh man, this is would be my biggest trade since i've started in August of 2006. There's no bottom for this usdcad. I hope it'll go under $1!!
  • #93
  • May 18, 2007 11:50am May 18, 2007 11:50am
Quoting branac
Hi guys,

Does anyone have an elliott wave count for this pair? I tried to do some "counting" and it shows that it might go down to 1.0490-1.0535 area before any significant pull-back up.

I'm no EW expert by all means but from my understanding especially with more and more ppl going short betting one way the correction may be close. I'd to see COT report later on today, which for me is more significant, before making any conclusions.
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  • #94
  • May 18, 2007 11:54am May 18, 2007 11:54am
USD/CAD bottomed at 0.96+ in the 1970s. It's a long way to go.
Tra-X
  • #95
  • May 18, 2007 3:15pm May 18, 2007 3:15pm
COT report came as expected showing that speculative acc increased their CAD long positions to 82,619 which by the way is a record for this year. Also long/short ratio is above 2 meaning for every 2 CAD longs (short USD/CAD) there's only one short (respectively long USD/CAD).

It would be interesting to watch the price action next week as a lot of daily/weekly traders most likely will get a confirming sell signal. But will it be safe to sell if you're on lower time frame ?
  • #96
  • May 18, 2007 3:31pm May 18, 2007 3:31pm

ok i am trembling but still holding my longs firmly....

  • #97
  • May 18, 2007 4:00pm May 18, 2007 4:00pm
Quoting amylase

ok i am trembling but still holding my longs firmly....

man, you are a made of steel
  • #98
  • May 18, 2007 5:04pm May 18, 2007 5:04pm
Quoting amylase

ok i am trembling but still holding my longs firmly....

Trying to muscle your will into the market uh? ego is a dangerous characteristic when it comes to trading...
  • #99
  • May 18, 2007 5:55pm May 18, 2007 5:55pm
Quoting WTB
Trying to muscle your will into the market uh? ego is a dangerous characteristic when it comes to trading...
Aye, but it shows character, one of the few willing stand in the way of a tidal wave.
  • #100
  • May 18, 2007 7:00pm May 18, 2007 7:00pm
Quoting amylase

ok i am trembling but still holding my longs firmly....

If this pair is trending down, why do you go long without having any signs of trend reversal and having so many signals indicating trend continuation?
Just dont get it...
I think the answer to this thread title is really evident.

Dont go against the trend!
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