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USDCAD trend reversal?

  • #1,521
  • Edited 3:54pm Jul 16, 2007 3:20pm | Edited 3:54pm
ok Monarch

- Now We see that you are talking long term -

Very, Very, - Long Term

I think where you labeled the End of Wave 3 on your chart
is actually a End of a Wave 5 of C - Longer Term .

Either way - we are looking for a bullish turnaround (over time )

That's the strength of Elliott Waves - It is a Contrarian Method of Trading .

Ellliott Waves is not a trend following oscillator system
and I have tried to explain this many times to traders -


Anyway , only time will tell now ...........

I'snt it great to have have forum like this to exchange ideas and thoughts ?..
  • #1,522
  • Jul 16, 2007 3:25pm Jul 16, 2007 3:25pm
Quoting marketwavez
ok Monarch

- Now We see that you are talking long term -

Very, Very, - Long term

i think where you labeled the end of wacve e3 is
actaully a End of a Wave 5 of C - longer term .

Either way - we are looking for a bullish turnaround (over time )

That's the strenght of Elliott Waves - It's a contrarian method of trading .

Ellliott Waves is not a trend following oscillator system
and I have tried to explain this many times to traders


Anyway , only time will tell now ...........

I'snt it great to have have forum like this to exchange ideas and thoughts ?..
Yep it's great! For now I still haven't opened that long and am still holding that short...if USD/CAD doesn't break 1.0400 tomorrow I'd say we're in for a reversal or retracement
  • #1,523
  • Jul 16, 2007 3:35pm Jul 16, 2007 3:35pm
Quoting marketwavez
ok Monarch

- Now We see that you are talking long term -

Very, Very, - Long term

i think where you labeled the end of wacve e3 is
actaully a End of a Wave 5 of C - longer term .

Either way - we are looking for a bullish turnaround (over time )

That's the strenght of Elliott Waves - It's a contrarian method of trading .

Ellliott Waves is not a trend following oscillator system
and I have tried to explain this many times to traders


Anyway , only time will tell now ...........

I'snt it great to have have forum like this to exchange ideas and thoughts ?
Yes the Monthly Chart is a Long Term view, and the actual 4 hour would be a Long Term to many.

On my projected Short entry I am waiting for the move down to 1.0349 possibly, then a retace to the 1.0543 area for my entry which is around the 61.8% now.

We are presently at 1.0429, and our low is 1.0415, just 66 pips from my projected Long Term Low.

I do feel that at any retracement on the 4 Hour chart up to 38.2% at 1.0490 or to the 76.4 at 1.0564 would be a great opportunity to SHORT THE CAD.

Actually I think if you had the patience like a long term trader, you could SHORT RIGHT NOW, and still be in profits a month from now.

I am actually going to be taking 1 short at every 38.2% retrace on the 4 hour, and keep those shorts each time all the way down to the area I have projected the next few years.

I am looking for the lower level of 0.8327 and possibly 0.7526.
I figure I would have an approximate 50-75 entries added for every move and retrace that occurs, now add that up by average and you could be very profitable.

SHORT ON CAD - OIL IS KING HERE. LOL
  • #1,524
  • Edited 3:52pm Jul 16, 2007 3:37pm | Edited 3:52pm
Here is a very short-term look at the Usd/Cad
The channel lows was broken earlier today
(see the chart posted just above )

It's now almost the end of the Us Day Session
and here is where I think we are

-------Now , Looking for a break above .0438
Will it it break out and keep going to these targets provided ?

- I really Don't know .....
The thing is , I am just trying to share what I think is going
on with others in here and maybe get some positive feed back .
That's all really ,

---------------------------------------------------------------
But Unfortunately

Here's what I Do know for sure ,

If it does not go like planned in this chart provided
Some one will be here to complain .....
-and it's usually some one who never even posted a call or
chart of their own from before hand .......It's just the way it is .
-------------------------------------------------------------------
Why so much negativity when someone is wrong on a call ?
How could anyone be right all the time ?
Attached Image (click to enlarge)
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  • #1,525
  • Jul 16, 2007 3:43pm Jul 16, 2007 3:43pm
I think we'll find support in the 1.0370-1.0380 (my predicted wave 2) area and from THERE it'll go back to the 1.05XX
  • #1,526
  • Jul 16, 2007 4:40pm Jul 16, 2007 4:40pm
near by supp/res levels
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_5.jpg Size: 105 KB
"Millionaires don't use astrology, billionaires do"
  • #1,527
  • Jul 16, 2007 4:47pm Jul 16, 2007 4:47pm
Okay, now looking at those charts I see why you named yourself ORION --> LOL

I am trying to find myself in that spectrum of mass, maybe you would like to add a few more colors?

Cool.

Watching the U/Cad a little more closely since our last conversation, and will continue as we progress here towards the support level.

Do you think the 1.0349 is a little too far compared to your support line there?

Have a good one "O"
  • #1,528
  • Jul 16, 2007 5:30pm Jul 16, 2007 5:30pm
Monarch, hard tellin major support sits at 0416 0406 the pink and blue lines along that decending red 1x1 angle a close below that could be free game for 0335 and beyond. Volumes are drying up on the sell side.

Shake the dice
"Millionaires don't use astrology, billionaires do"
  • #1,529
  • Jul 16, 2007 7:22pm Jul 16, 2007 7:22pm
you guys are all saying sell, sell, sell but my question is how long this USD can go down aganst CAD because i am in canada and i know that mfg. sector is suffering all over canada and people are losing jobs (mainly in ontario).

what all these things going do to this pair? only oil price can't keep CAD up for long time. CAD must go down.

i dont know when but sooner than later...............
  • #1,530
  • Jul 16, 2007 7:45pm Jul 16, 2007 7:45pm
Yeah it must be...I live in the US and the economy couldn't be better! Breaking records like every other day!
  • #1,531
  • Jul 16, 2007 7:46pm Jul 16, 2007 7:46pm
Quoting rpandya
you guys are all saying sell, sell, sell but my question is how long this USD can go down aganst CAD because i am in canada and i know that mfg. sector is suffering all over canada and people are losing jobs (mainly in ontario).

what all these things going do to this pair? only oil price can't keep CAD up for long time. CAD must go down.

i dont know when but sooner than later...............

Is a buyer, buyer buyer not a seller seller seller. USD is about to scream here, better fasten seat beat.
"Millionaires don't use astrology, billionaires do"
  • #1,532
  • Jul 16, 2007 8:16pm Jul 16, 2007 8:16pm
Quoting OrionsWay
Is a buyer, buyer buyer not a seller seller seller. USD is about to scream here, better fasten seat beat.
Long truck ready for takeoff at 1.0300, sorry for the error. .
Patience + Humility + Study = Success
  • #1,533
  • Jul 16, 2007 9:04pm Jul 16, 2007 9:04pm
This Is a Dollar selling climax, USD can go nowhere but up 100%
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"Millionaires don't use astrology, billionaires do"
  • #1,534
  • Jul 16, 2007 11:30pm Jul 16, 2007 11:30pm
if 1.0410 is broken I believe it'd be going down to 1.0370 .But from the bearish USD looks, unless this week comes a few strong supporting impact news. It's going down imo.
  • #1,535
  • Jul 16, 2007 11:53pm Jul 16, 2007 11:53pm
This is the recent Daily Chart showing our move down from 1.0610 to 1.0415. I would expect this daily candle to show support in the same area of the candle yesterday, and you can see the retrace areas above are:

23.6 - 1.0461
38.2 - 1.0489
50.0 - 1.0513
61.8 - 1.0536
76.4 - 1.0564

Based on your studying of CAD, which is the most common Fibo level reached on the daily, 50%?

Thanks, looking for the daily to close for indication of retracement in progress.
Attached Image
  • #1,536
  • Jul 17, 2007 2:45am Jul 17, 2007 2:45am
Quoting MoForce
Yeah it must be...I live in the US and the economy couldn't be better! Breaking records like every other day!
Is'nt America is prospering on extensive borrowing of money ?
  • #1,537
  • Jul 17, 2007 3:21am Jul 17, 2007 3:21am
Monarch, Cad likes quarters or thirds from what i have seen really likes 75%
"Millionaires don't use astrology, billionaires do"
  • #1,538
  • Jul 17, 2007 3:46am Jul 17, 2007 3:46am
USD/CAD keeps hitting the 1.0422 support level and has been stuck there for a while now...if it does bounce off this level then my target is that 50% retracement mark
  • #1,539
  • Jul 17, 2007 4:02am Jul 17, 2007 4:02am
Double bottom level breakout in momentum (long red bar) in the direction of the trend (Moving Averages in order and pointing down) with posterior pullback to retest breakout levels. If new lows are made below 1.0415, the downtrend is still in play and strong from a T.A. point of view.
Attached Image
  • #1,540
  • Jul 17, 2007 4:15am Jul 17, 2007 4:15am
Usd/Cad

Now What ? .............. Which Way ?
--------------------------------------------
Attached Image (click to enlarge)
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