USDCAD trend reversal? | Page 23 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

(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

Attachments: USDCAD trend reversal?
Exit Attachments

USDCAD trend reversal?

  • #441
  • Jun 1, 2007 2:49pm Jun 1, 2007 2:49pm
Quoting StockKJay
Fair enough. We'll see what happens by last trading day of June. I am not a gambler and wont take a long position just because I think there will be a correction to this 1000 pip run. When I see it happen I will be trading it off my 4 hour chart ... as usual. As of now, long positions are not safe.
as a professional i agree and i'm holding a short position since 1.0705.
0700 was a good level to try for a retrace.

retrace will come. make no mistakes about it. meanwhile i'm enjoying the ride down.
BAM BAM BOOM! -bravado
  • #442
  • Jun 1, 2007 3:10pm Jun 1, 2007 3:10pm
Quoting bravado
as a professional i agree and i'm holding a short position since 1.0705.
0700 was a good level to try for a retrace.

retrace will come. make no mistakes about it. meanwhile i'm enjoying the ride down.
0700 is what I expect for a correction from 0600, as reasonable. USDCAD has consolidated before pushing though another double zero.

But I keep my strategy as sell limits XX40 XX70 XX00 and sell stops below last low, for the downside is way more favored, so you it's hard to predict the correction and sustain a long position long enough.

In the 0700, I left sell limits at 0740, 0774 and 0800. Only 0740 was triggered before this run to 0600. The sell stop 0684 added to the move. This was a hands-off trade, as I was out of town for good part of the week.

Now I'm a seller at 0640 / 0670 / 0700 / 0699. Scenario denied way above 0750
  • #443
  • Jun 1, 2007 3:16pm Jun 1, 2007 3:16pm
[USD/CAD] is on a one way street with a German name out of NY selling in large size the option cut off , and the 1.060 barrier knocked out. Many stops were tripped around 1.0640 and a very bearish outlook has the 1.0400 target look a viable prospect over a relatively short time frame. More barriers are tipped at 1.0600, however, local banks believe there is not much in the way of support until 1.0585 where demand picks up. Note a Canadian official has said that the PM's focus is on the fundamentals of the economy that underpin the economy. Harper having earlier said that the rising Cad reflects Canadian economy strength, and currency intervention would be "a huge mistake", another Green light for Cad bulls.
  • #444
  • Jun 1, 2007 3:22pm Jun 1, 2007 3:22pm
Quoting cesarnc
[USD/CAD] very bearish outlook has the 1.0400 target look a viable prospect over a relatively short time frame.
that number looks familiar.
BAM BAM BOOM! -bravado
  • #445
  • Jun 1, 2007 3:44pm Jun 1, 2007 3:44pm

good to see the debate is still going on


i'm out. just blown my account longing usd/cad.


let this pair to to 0.0000 and be damned by to the eternity.


canada? i've never heard of that country.

  • #446
  • Jun 1, 2007 3:48pm Jun 1, 2007 3:48pm
Quoting amylase

good to see the debate is still going on


i'm out. just blown my account longing usd/cad.


let this pair to to 0.0000 and be damned by to the eternity.


canada? i've never heard of that country.

lol, glad to see we carn burn our account on any pair... Shorting GBPYEN does the trick for me... Selling low, buying high...

Guess at what level i took my last short ?

240.01... I could have been a little bit worst.... I need more training to perfect my stupid entries ^^
  • #447
  • Jun 1, 2007 4:04pm Jun 1, 2007 4:04pm
USD/CAD forecast
1 month 1,055
3 moths 1,075
12 months 1,135
  • #448
  • Jun 1, 2007 4:04pm Jun 1, 2007 4:04pm
well, things similar to long on USD/CAD in current situation were the reason to lose 30% of my initial account balance during first 3 days of my forex adventure Thanx God I've been using SLs LOL


Trend is your friend ppl, trend is your friend

But we can be sure that when the reverse comes, it will be very dinamic, so make sure to have some nicely placed buy stops
  • #449
  • Jun 1, 2007 4:16pm Jun 1, 2007 4:16pm
Sigh......

So many traders trying to tell The Market what it Should Do instead of just befriending it and graciously accepting what it wants to give them.
  • #450
  • Jun 1, 2007 4:27pm Jun 1, 2007 4:27pm
so true....

Quoting Bemac
Sigh......

So many traders trying to tell The Market what it Should Do instead of just befriending it and graciously accepting what it wants to give them.
TRADE FOR SWAP
  • #451
  • Jun 1, 2007 5:05pm Jun 1, 2007 5:05pm
Quoting Bemac
Sigh......

So many traders trying to tell The Market what it Should Do instead of just befriending it and graciously accepting what it wants to give them.
Following the price is the best strategy in trading.

Don't try to argue with it, don't try to predict it .. just follow it
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #452
  • Jun 1, 2007 6:25pm Jun 1, 2007 6:25pm
Quoting ikimashu
My current position:

sell @ 1.0702
TP: 1.0650
SL: 1.0735


for your reference~

50% sold @ 1.0650
50% TP: 1.0565

may CN rail lead CAD lower.....next destination.......Mexico!
"Quality means doing it right when no one is looking"
  • #453
  • Jun 1, 2007 7:19pm Jun 1, 2007 7:19pm
Quoting StockKJay
this short term trend will likely be over before the end of June.
It's been an amazing spectacle - watching people try to go mountain climbing during an avalanche.

But Stockjay is probably right as I would expect some end-of-the-quarter profit taking to eventually kick in.

But I doubt that it's going to start Monday morning.

The next trader who's dying to go long needs to go back and read Stockjay's recommendation about eyeballing several different currency pairs before making a move.

For purely psychological reasons, my guess is that 1.0500 represents the rock bottom of this current move. But I'm not interested in catching the first train north.
  • #454
  • Jun 1, 2007 7:21pm Jun 1, 2007 7:21pm
Quoting Bemac
Sigh......

So many traders trying to tell The Market what it Should Do instead of just befriending it and graciously accepting what it wants to give them.
Here is a good example of your statment........


http://img67.imageshack.us/img67/292...enshot1cm2.png

link to pagehttp://fxtrade.oanda.com/resources/t...nsummary.shtml

here is another link showing open positions %.........
http://fxtrade.oanda.com/resources/t...ositions.shtml
Same Whore .... Different Dress
  • #455
  • Jun 1, 2007 7:41pm Jun 1, 2007 7:41pm
Quoting johnedoe
Here is a good example of your statment........


http://img67.imageshack.us/img67/292...enshot1cm2.png
The ever recurrent 95%/5%....
  • #456
  • Jun 1, 2007 9:49pm Jun 1, 2007 9:49pm
Quoting cesarnc
The ever recurrent 95%/5%....
woow..talk about crowd behavior...
  • #457
  • Jun 1, 2007 10:00pm Jun 1, 2007 10:00pm
and the funny thing is, if the trend DOES retrace now many of them will get out at break even...they wont even want a pip in profit!

ONE thing i learn, never fight the trend heavily, if a retracement is coming wait until it turns to the direction of the trend then follow the trend again. That is all u need to know to make money in forex

(well, not all but that's alot)
100% of traders are losers. Just that some win more than they lose!
  • #458
  • Jun 1, 2007 10:04pm Jun 1, 2007 10:04pm
That graphic is amazing, bottom picking mainia, there must be a lot of stinky fingers.
The breaking of a wave cannot explain the whole sea.
  • #459
  • Jun 1, 2007 10:08pm Jun 1, 2007 10:08pm
Quoting johnedoe
Here is a good example of your statment........
Thanks for the Links John.

Yet another tool to place in my toolbox.
  • #460
  • Jun 1, 2007 10:18pm Jun 1, 2007 10:18pm
Quoting Craig
That graphic is amazing, bottom picking mainia, ...
Bottom Picking = Circus Style "Catching Falling Daggers" Don't miss one or....

If you really do intend to be doing this for years to come, ther is only one direction to trade this Market {for now}
6 traders viewing now