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USDCAD trend reversal?

  • #1,321
  • Jul 3, 2007 11:08am Jul 3, 2007 11:08am
Wave C does look good at the moment! Funny how markets can change so quick

We did have a bearish flag formation that broke out to the upside, price has retreated however. Buy opportunity or false break?
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  • #1,322
  • Jul 3, 2007 11:17am Jul 3, 2007 11:17am
that's a stay flat opportunity. i don't understand what's going on with u-cad so i'm just a watcher for now.

Quoting el_duende
Wave C does look good at the moment! Funny how markets can change so quick

We did have a bearish flag formation that broke out to the upside, price has retreated however. Buy opportunity or false break?
Nihil Sine Deo.
  • #1,323
  • Edited 12:34pm Jul 3, 2007 11:32am | Edited 12:34pm
Here's another Update Usd/Cad .......
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Attached Image (click to enlarge)
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  • #1,324
  • Jul 3, 2007 12:31pm Jul 3, 2007 12:31pm
Here is a look at the Us Dollar -

It's looking very oversold .......
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  • #1,325
  • Jul 4, 2007 2:43am Jul 4, 2007 2:43am
longerterm perspective...broke out of the wedge and bounced two times form the upper wedge TL recently...in combination with a - possiblly - failed bear flag...key price level is 10550, this should act as support and should attract buyers...of course, this takes time to unfold
Attached Image (click to enlarge)
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  • #1,326
  • Jul 4, 2007 5:34am Jul 4, 2007 5:34am
Ive gone short at 1.0586. Deal or No Deal?
  • #1,327
  • Jul 4, 2007 11:17am Jul 4, 2007 11:17am
both us and canada have holiday this week, i think better just stay out.
  • #1,328
  • Jul 4, 2007 9:31pm Jul 4, 2007 9:31pm
USDCAD - Triangle Formation Wednesday, 04 July 2007 13:57:49 GMT Written by Kathy Lien, Chief Strategist A clear triangle formation can be seen in the both the daily and hourly charts for USD/CAD. The 1.0466 low set on June 29 is very significant and even though USD/CAD is lower on the day, there is a decent chance that this level should hold. A break above 1.0600 would result in an upside breakout while a move below 1.0530 would result in a downside breakout. Both levels should trigger the beginning of a big move. *No warranties or guarantees are made with respect to the content contained herein. The website and the guests on this site do not take into account the investment objectives, financial situation or particular needs of any particular person. The advice and trading ideas provided on this website are for informational purposes only and are not intended as a trading ideas. Under no circumstances does any advice or trading idea contained herein constitute a solicitation to buy and sell currencies. We do not endorse and cannot vouch for any of the guest traders on this site.
  • #1,329
  • Edited 11:54pm Jul 4, 2007 11:39pm | Edited 11:54pm
I went short because of a break of a trendline on 4 hour and I am bearish for USD. . Is a bit early but I have stop at 1.0614.
  • #1,330
  • Jul 4, 2007 11:50pm Jul 4, 2007 11:50pm
I don't know about the dollar/cad but e/c has 1.4122 as a low 1.4466 as a high = 344 pips I would expect a retrace at least to the 38 fib at 1.4335 at this point. the current price at 1.4400 also leads me to believe a downward movement is in the cards if we were sitting at 1.4418 or 1.4425 that would be bullish in my hunble opinion. my only concern is were sitting just above a moving average ( 10 day)
  • #1,331
  • Edited 1:02am Jul 5, 2007 12:40am | Edited 1:02am
Usd/Cad - Update

To be or Not to be ?.....................That is the question !....

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Attached Image (click to enlarge)
Click to Enlarge Name: CAD-7-04-2007-#2.jpg Size: 66 KB
  • #1,332
  • Jul 5, 2007 3:42am Jul 5, 2007 3:42am
ok e/c not going as planned however if we maintain at 1.4435 could be end of wave 5 double top then down to the three eight fib
  • #1,333
  • Jul 5, 2007 8:25am Jul 5, 2007 8:25am
Quoting 59fender
ok e/c not going as planned however if we maintain at 1.4435 could be end of wave 5 double top then down to the three eight fib
Can you post a chart ? ................ illustrating what you are saying ?

Thanx in advance
  • #1,334
  • Jul 5, 2007 8:34am Jul 5, 2007 8:34am
The painful mixture feeling of medium term trading

Come on, kick my ass or get away!
Attached Image (click to enlarge)
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凹凸 only
  • #1,335
  • Jul 5, 2007 9:08am Jul 5, 2007 9:08am
As long as the Cad gov keeps putting out false statements about how good the economy is here we are headed down Us up Cad. Sooner or later the truth has to come out and this will make a MAJOR reversal. The economy here bites......
  • #1,336
  • Jul 5, 2007 9:10am Jul 5, 2007 9:10am
Quoting Samuri
The painful mixture feeling of medium term trading

Come on, kick my ass or get away!
Hello Samuri
tommorow is NFP -
There is alot of consolidation here in the Usd/Cad in past few trading days

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This is the biggest news event every month - so wait for tommorow
there shoud be increase volitilty then .

The end of Wave 2 that you have ponted out
could turn out to be very significant because we are at Multiyear Lows

It's time to set an alert on your chart .......
  • #1,337
  • Jul 5, 2007 9:28am Jul 5, 2007 9:28am
Sumari

Here is a clearer view of the wave 2 of your prior chart
as you can see there is alot of overhead resistance

Basically , this market needs something in the news to happen
to increase the volatility and get things moving either way !...... Be patient !

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Attached Image (click to enlarge)
Click to Enlarge Name: CAD-7-05-2007-#1.jpg Size: 55 KB
  • #1,338
  • Jul 5, 2007 9:40am Jul 5, 2007 9:40am
Quoting marketwavez
Hello Samuri
tommorow is NFP -
There is alot of consolidation here in the Usd/Cad in past few trading days

Hi, Marketwavez,

Chartistwise, news has its double blade sword effect to me, i.e., get a ride or get a kick. If it were a kick, I surrender quickly. If it were a ride, I am quite greed. So overall I am not very much concerned with the news. A thunderstorm is scareful to those unprepared. I think you must understand what I mean.

As for the present USDCAD development, I know that I was trying to catch the fish head, so may be more likely that I will be disappointed again. On the other hand, why not give it a try?

I like your wave counting, by the way. Keep on working, it works.
凹凸 only
  • #1,339
  • Jul 5, 2007 9:48am Jul 5, 2007 9:48am
I agree that the market could well make a trend reversal, but currently the trend is still pretty strongly down on a daily time frame. I admit hourly it has been consolidated, but personally I am wary of being long in the face of such a strong slide.

NFP could be the trigger to end the trend, esp if the CAD economy is as people have suggested.

Verno
  • #1,340
  • Jul 5, 2007 9:50am Jul 5, 2007 9:50am
Quoting marketwavez
Sumari

Here is a clearer view of the wave 2 of your prior chart
as you can see there is alot of overhead resistance

Basically , this market needs something in the news to happen
to increase the volatility and get things moving either way !...... Be patient !
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Patience will never be overestimated in my wave counting experience. Because apart from the awesome wave patterns, one should never forget to check the cycle. Actually, the cycle IS an basic element of the wave pattern.

Still, even we are lucky enough now in evidencing a reversal, I am quite sure that so far we are only in a wave 1 yet. So yeah, I will be patient.
凹凸 only
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