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USDCAD trend reversal?

  • #1,621
  • Jul 20, 2007 10:09am Jul 20, 2007 10:09am
Quoting OrionsWay
Yes its called reversal for major correction
You mean like the past 4 reversals since May that all failed?
  • #1,622
  • Jul 20, 2007 10:10am Jul 20, 2007 10:10am
Quoting Trader KGB
You mean like the past 4 reversals since May that all failed?
My gut says 1.0300
Patience + Humility + Study = Success
  • #1,623
  • Jul 20, 2007 10:23am Jul 20, 2007 10:23am
Quoting Trader KGB
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..
The companies google and caterpillar caused it....no joke!
  • #1,624
  • Jul 20, 2007 12:07pm Jul 20, 2007 12:07pm
Quoting Trader KGB
You mean like the past 4 reversals since May that all failed?


Yes just keep selling, were gonna need you buy orders to carry us away,
"Millionaires don't use astrology, billionaires do"
  • #1,625
  • Jul 20, 2007 12:26pm Jul 20, 2007 12:26pm
Quoting OrionsWay
Yes just keep selling, were gonna need you buy orders to carry us away,
If by "carry us away" you mean afford grammar lessons, then I'm all for USD/CAD selling, for the greater good. :
  • #1,626
  • Jul 20, 2007 12:46pm Jul 20, 2007 12:46pm
How desperate are traders for a bottom in this pair though? I foresee a shitty range trade.
Patience + Humility + Study = Success
  • #1,627
  • Jul 21, 2007 2:29am Jul 21, 2007 2:29am
Quoting 59fender
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
ok we failed to make new lows an attempt to break the highs should be next need to stay above 1.4450 next target 1.4575 then 1.4625 is possible closed long for 100 pips looking to re-enter
  • #1,628
  • Jul 22, 2007 4:07pm Jul 22, 2007 4:07pm
I would be fearful to go long now without a break of the May10 Trendline.

Price Action on the 4h chart is showing a high likelyhood of a breakout either way but since we are so close to the top of the trend line my guess is DOWN.

We Also have very strong confluence between fibonacci levels, 55 SMA (First time back to this average price since the beginning of the month),
and S/R level to support of a big'ish move down or up but if this coming week we're not gonna break the July 11 high there's no reason to beleive we're going up.

I will be going short once price hits 1.0470 and long only beyond 1.0530 with expectation no higher than around 1.0575.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadjly.jpg Size: 60 KB
  • #1,629
  • Jul 22, 2007 10:16pm Jul 22, 2007 10:16pm
Exactly my thoughts on my SHORT entry.

First entry will be 1.0499, and then any thing from 1.0529 up to the 1.0560 (76.4% retrace level).

Waiting for the retrace to break the 50% now.

Thanks for the chart Bobblong.
  • #1,630
  • Jul 22, 2007 10:27pm Jul 22, 2007 10:27pm
dollar/cad looks like it wants to go down but the euro/cad looks as if it wants to pullback before heading up! daily chart shows an obvious wave five however sometimes a wave 5 will fail we've made 3 attempts to break 1.4500 a fourth attempt should succeed I'm looking to buy at 1.4485 after this pullback lets see
  • #1,631
  • Jul 22, 2007 11:41pm Jul 22, 2007 11:41pm
I am short 1.0443
I was sleeping and could not enter at higher levels.
Aiming 1.0400
1.0200 for the long run. But many things can happen in the long run.
  • #1,632
  • Jul 23, 2007 1:59am Jul 23, 2007 1:59am
the overall trend is down other than the fact the whole world is short I don't see signs of this reversing just yet but I will be taking a light long here 1.4424
  • #1,633
  • Jul 23, 2007 2:07am Jul 23, 2007 2:07am
The downtrend on USDCAD has definitely slowed down a little bit. I got burnt a couple of times last week shorting USDCAD myself. I am going to let the dust settle on this pair for a while.
  • #1,634
  • Jul 23, 2007 2:10am Jul 23, 2007 2:10am
Quoting WTB
The downtrend on USDCAD has definitely slowed down a little bit. I got burnt a couple of times last week shorting USDCAD myself. I am going to let the dust settle on this pair for a while.
it sure is dusty in here thats for sure!
  • #1,635
  • Jul 23, 2007 2:20am Jul 23, 2007 2:20am
the daily chart shows higher highs and higher lows as long as we stay above the previous low at 1.4389 should be good to go
  • #1,636
  • Jul 23, 2007 3:32am Jul 23, 2007 3:32am
interday pullback or reversal?
  • #1,637
  • Jul 23, 2007 4:40am Jul 23, 2007 4:40am
looking good check out the 4 hour pin
  • #1,638
  • Jul 23, 2007 9:47am Jul 23, 2007 9:47am
HeHehHeh.

Looks like USD/CAD is giving everybody a chance to add to their shorts if you missed 1.0470 ;p Watch price action carefully
Looking at the current 4h chart I am expecting it to do something very similar to the last chart I posted. Clear resistance at 1.0470.

If this fails it looks like the dreaded consolidation mode

Also to be noted. the Dow is back up from the weekend dip, general USD power for today.
  • #1,639
  • Jul 23, 2007 10:43am Jul 23, 2007 10:43am
sell sell sell
"Millionaires don't use astrology, billionaires do"
  • #1,640
  • Jul 23, 2007 11:22am Jul 23, 2007 11:22am
What the guy with the red KKK cap said.
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