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USDCAD trend reversal?

  • #1,601
  • Jul 19, 2007 2:27am Jul 19, 2007 2:27am
Quoting karmostaji
1.0465 is the upper band of the BB also on the hourly, the price just touched it and came back down
aiming for short as well? also which numbers do you use for BB? Default one in the MetaTrader? Period 20 Deviation 2?

I could never trade well with BB. thats why I ask.
  • #1,602
  • Jul 19, 2007 2:29am Jul 19, 2007 2:29am
Quoting Alfa159
aiming for short as well? also which numbers do you use for BB? Default one in the MetaTrader? Period 20 Deviation 2?

I could never trade well with BB. thats why I ask.
I already entered short 2 days back or so, I just follow my system. yeah period 20 dev. 2, read about it.. it's pretty interesting stuff and helpful as well
Trade what you see, not what you think.
  • #1,603
  • Jul 19, 2007 2:32am Jul 19, 2007 2:32am
Quoting karmostaji
I already entered short 2 days back or so, I just follow my system. yeah period 20 dev. 2, read about it.. it's pretty interesting stuff and helpful as well
alright thank you... I will be looking into BB more...

good trading. and hope the pair goes down even more
  • #1,604
  • Jul 19, 2007 2:48am Jul 19, 2007 2:48am
Quoting Alfa159
alright thank you... I will be looking into BB more...

good trading. and hope the pair goes down even more
say it one more time my friend
Trade what you see, not what you think.
  • #1,605
  • Jul 19, 2007 2:51am Jul 19, 2007 2:51am
Quoting Alfa159
well decided to open a short position once more...

Short at 1.0460
Great scalp. Already back to 1.0435.
  • #1,606
  • Jul 19, 2007 4:56am Jul 19, 2007 4:56am
one thing though, if 1.0413 can not be breached today... a retracement towards 1.0576 might be in place... I closed my short which I had opened at 1.0460... I closed it around 1.0430... And entered another short at 1.0448

I have a feeling that the price wont change much until the data.

I am expecting 1.0206 in the coming week or so, if the daily closes below 1.0413
  • #1,607
  • Jul 19, 2007 7:37am Jul 19, 2007 7:37am
hmm.. mixed Canadian data..

I still aim downwards movement... but not very confident.
  • #1,608
  • Jul 19, 2007 7:37am Jul 19, 2007 7:37am
Quoting Alfa159
hmm.. mixed Canadian data..

I still aim downwards movement... but not very confident.
Combined with mixed US data = Range
Patience + Humility + Study = Success
  • #1,609
  • Jul 19, 2007 7:39am Jul 19, 2007 7:39am
Bernanke speech in less than a hour
Trade what you see, not what you think.
  • #1,610
  • Jul 19, 2007 7:40am Jul 19, 2007 7:40am
Quoting DutchTrader
Combined with mixed US data = Range
aiming for short as well??? i thought the price could go up a lil and than go down once more... though it is going a few pips down as we speak

1.0428 and 1.0420 is crucial
  • #1,611
  • Jul 19, 2007 7:45am Jul 19, 2007 7:45am
just broke these 2 important supports.. Hope it closes below them as well.
  • #1,612
  • Jul 19, 2007 7:52am Jul 19, 2007 7:52am
Quoting Alfa159
just broke these 2 important supports.. Hope it closes below them as well.
just tp my short @414, that's good. don't like bernank speaking.
  • #1,613
  • Jul 19, 2007 7:53am Jul 19, 2007 7:53am
Quoting yellowbrick
just tp my short @414, that's good. don't like bernank speaking.
i did the same... closed my short 1.0415

enough profit. Might open a new short depending on Bernanke

might take a long towards 1.0450 as well
  • #1,614
  • Jul 19, 2007 8:17am Jul 19, 2007 8:17am
considering going short at 1.0420... Not sure though. Will wait for Bernanke and the other 2 data for USA
  • #1,615
  • Jul 19, 2007 8:58am Jul 19, 2007 8:58am
July 19 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke is preparing the ground for the longest freeze in interest rates in two decades.
  • #1,616
  • Jul 19, 2007 10:57pm Jul 19, 2007 10:57pm
we had a low yesterday at 1.4382 for this "trend" to continue we need a lower low so far the low is 1.4384 two pips higher! so untill this proves otherwise I am long
  • #1,617
  • Jul 20, 2007 1:51am Jul 20, 2007 1:51am
Looking across the 4 hour we can see a nice flag formation now in progress, starting at the low 1.0398 to the low 1.0411, the high at 1.0476 to the high at 1.0464.

Now will watch for a breakout in whatever direction it wants to take us, still watching for a retrace to the 1.0504, 1.0529 and eventually 1.0560.

It is somewhere here in these levels I will start to consider my Short entry points.

Until then, Good Trading To All.
  • #1,618
  • Jul 20, 2007 11:33am Jul 20, 2007 11:33am
what is this pair doing.. making me crazy
Trade what you see, not what you think.
  • #1,619
  • Jul 20, 2007 11:51am Jul 20, 2007 11:51am
I didn't see any news that could explain that quick 50-pip spike, anyone else?

It's been very lucrative to short these USD/CAD spikes, I wonder if this is any different..
  • #1,620
  • Jul 20, 2007 11:59am Jul 20, 2007 11:59am
Yes its called reversal for major correction
"Millionaires don't use astrology, billionaires do"
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