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USDCAD trend reversal?

  • #1,581
  • Jul 18, 2007 1:19pm Jul 18, 2007 1:19pm
Quoting DutchTrader
Right now I'd be flat, because I expect heavy dollar selling in Asia/Europe
matter of fact i closed my short position with +8 pips... kinda spooked out... will observe the market untill tomorrow.
  • #1,582
  • Jul 18, 2007 1:27pm Jul 18, 2007 1:27pm
Quoting Alfa159
matter of fact i closed my short position with +8 pips... kinda spooked out... will observe the market untill tomorrow.
you need to learn to control your fear and emotions, you remind me of myself when I first started trading
Trade what you see, not what you think.
  • #1,583
  • Jul 18, 2007 1:32pm Jul 18, 2007 1:32pm
Quoting karmostaji
you need to learn to control your fear and emotions, you remind me of myself when I first started trading
Agreed. When I first started there were many times I ignored my gut and TA and exited a trade because of some retracing, and would often wake up the next day and bemoan the pips lost.
Patience + Humility + Study = Success
  • #1,584
  • Jul 18, 2007 1:35pm Jul 18, 2007 1:35pm
You need to create a system and a set of rules for yourself and follow it religiously. I love watching the prices go up and down but I don't worry nor change any of the positions. Once you control your fear and use MM, there is nothing to fear nor worry about.. sit and watch the green pips come to you
Trade what you see, not what you think.
  • #1,585
  • Jul 18, 2007 1:40pm Jul 18, 2007 1:40pm
Quoting karmostaji
You need to create a system and a set of rules for yourself and follow it religiously. I love watching the prices go up and down but I don't worry nor change any of the positions. Once you control your fear and use MM, there is nothing to fear nor worry about.. sit and watch the green pips come to you
What's MM?
Patience + Humility + Study = Success
  • #1,586
  • Jul 18, 2007 1:40pm Jul 18, 2007 1:40pm
Quoting DutchTrader
What's MM?
Money Management
Trade what you see, not what you think.
  • #1,587
  • Jul 18, 2007 1:43pm Jul 18, 2007 1:43pm
Quoting karmostaji
Money Management
Right, figured that out right as I typed my post lol.
Patience + Humility + Study = Success
  • #1,588
  • Jul 18, 2007 1:56pm Jul 18, 2007 1:56pm
DutchTrader,

how can u say so confidently that it is going to touch 1.0300, CAD is already so high if it goes more high i dont know what is going to happen to canadian economy that is all depend on USA

can u pls explain this in detail
  • #1,589
  • Jul 18, 2007 2:10pm Jul 18, 2007 2:10pm
Quoting RWorld
DutchTrader,

how can u say so confidently that it is going to touch 1.0300, CAD is already so high if it goes more high i dont know what is going to happen to canadian economy that is all depend on USA

can u pls explain this in detail
I'm looking for a test of 1.0393 and if that breaks then 1.0300. Now the rally from 1.0400 was strong but has petered out as Bernanke's testimony caused more US Dollar selling.
Patience + Humility + Study = Success
  • #1,590
  • Jul 18, 2007 2:18pm Jul 18, 2007 2:18pm
Looks as the 1.0420 is a support area for now, I still have the 1.0349 as my support projection.

Either way, if we see a nice retrace into the 50% to 76.4% levels, it will be time to short from there.

1.0504 up to 1.0610 is waiting for SHORT entries.
  • #1,591
  • Jul 18, 2007 2:25pm Jul 18, 2007 2:25pm
USDCAD will be changed to CADUSD. This will occur when USDCAD drops below 1.0000.

AUDUSD will change to USDAUD
and
NZDUSD will change to USDNZD
very soon too
  • #1,592
  • Jul 18, 2007 2:28pm Jul 18, 2007 2:28pm
Quoting BurgerKing
USDCAD will be changed to CADUSD. This will occur when USDCAD drops below 1.0000.

AUDUSD will change to USDAUD
and
NZDUSD will change to USDNZD
very soon too
:lol I like it. Probably right. The US Dollar is weak and Bernanke didn't help it when he said the following before Congress:

Only a bit of tension was detected in Fed Bernanke's comments today about current financial market conditions. He noted there has been a "notable repricing in the subprime mortgage sector" and that "lower-quality corporate credits have also experienced some strains." Some Fed members have been jawboning markets to reflect more risk pricing, so some of this market-driven tightening is welcome. But of course, we really don"t know how different a newer Bernanke-Fed will react to a bigger shock vs under Greenspan, esp. when the current situation looks more like a slow burn than more abrupt shock as LTCM in 1998. He also noted today that 'spreads on such corporate credits have remained narrow on the whole, and business borrowing has continued to be fairly brisk."
Patience + Humility + Study = Success
  • #1,593
  • Jul 18, 2007 2:51pm Jul 18, 2007 2:51pm
CADoil/USneed
  • #1,594
  • Jul 18, 2007 4:24pm Jul 18, 2007 4:24pm
CAD may start to weaken but USD is far weaker so dont expect USDCAD to go up.

GBPCAD? EURCAD? Hmm all 3 currencies are strong.. which will remain strong and which will go weak?

CADJPY?
  • #1,595
  • Jul 18, 2007 11:54pm Jul 18, 2007 11:54pm
well decided to open a short position once more...

Short at 1.0460
  • #1,596
  • Jul 19, 2007 12:14am Jul 19, 2007 12:14am
Quoting Alfa159
well decided to open a short position once more...

Short at 1.0460
Already shorted, has not even retraced to the 38.2% level at 1.0480, do you have staggered entries to catch more levels of retracement?

Let me know what you see, I may be missing something here, were ony 60 pips up so far from the support level.

Thanks Alfa159
  • #1,597
  • Jul 19, 2007 12:21am Jul 19, 2007 12:21am
Quoting monarch
Already shorted, has not even retraced to the 38.2% level at 1.0480, do you have staggered entries to catch more levels of retracement?

Let me know what you see, I may be missing something here, were ony 60 pips up so far from the support level.

Thanks Alfa159
I use fib. extension levels. in my 1 hour chart I have a fib from 07.11 high to 07.18 low... and put an extension, started it from 07.11 high... One of the legs of the extension is at 61.8 fib level and the other is at 50. fib level...

Also I have a second extension... Again starting from 07.11 high one leg at 61.8 fib level and the other at23.6 fib level...

The first extension gives me a resistance at 1.0463

though of course the extensions dont work as good as the regular fib levels but still gives ideas... Though many times I had succesful trades because of the extension levels.
  • #1,598
  • Jul 19, 2007 12:22am Jul 19, 2007 12:22am
Quoting Alfa159
I use fib. extension levels. in my 1 hour chart I have a fib from 07.11 high to 07.18 low... and put an extension, started it from 07.11 high... One of the legs of the extension is at 61.8 fib level and the other is at 50. fib level...

Also I have a second extension... Again starting from 07.11 high one leg at 61.8 fib level and the other at23.6 fib level...

The first extension gives me a resistance at 1.0463
Okay, thanks ALFA, I will run these on my charts when I wake, appreciate the response.

Good Trading to you.

Ken
  • #1,599
  • Jul 19, 2007 12:23am Jul 19, 2007 12:23am
1.0465 is the upper band of the BB also on the hourly, the price just touched it and came back down
Trade what you see, not what you think.
  • #1,600
  • Jul 19, 2007 12:25am Jul 19, 2007 12:25am
Quoting monarch
Okay, thanks ALFA, I will run these on my charts when I wake, appreciate the response.

Good Trading to you.

Ken

take care... good trading to you too.
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