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USDCAD trend reversal?

  • #1,781
  • Aug 2, 2007 9:15am Aug 2, 2007 9:15am
I have a final target of 1.0420, not worried.

Ofcourse, this is to do with my bias that the downtrend will resume as before due to the overall strength of cad over usd
  • #1,782
  • Aug 2, 2007 9:30am Aug 2, 2007 9:30am
Quoting bobblong
I have a final target of 1.0420, not worried.

Ofcourse, this is to do with my bias that the downtrend will resume as before due to the overall strength of cad over usd

Hi Bobblong

Why 1.0420? Why this point?
  • #1,783
  • Aug 2, 2007 9:42am Aug 2, 2007 9:42am
Quoting Forexpupil
Looking at 4 h chart and seeing regression chanel i see the second flag mast beeing forming, on other hand stochastic appointing sounth, and macd forming a continuos trend and support was reached.

Please correct me if iīm wrong

Im not sure what you use for trading but mine is very simple i buy and sell strength weakness with a little EW for projection.
I see this as a ABC correction with fibs lining up with 50 and 100 bar ma's.

The move that triggered my long was buying the selling. If we go inwards on TF's say 15m we can see from our macd 5 35 5 that we are working the 5th wave now(larger) and completing minor w3 with buying coming in strongly on a retracement extension of 161.8 to complete w3. we should be heading north now for a w4 OR maybe that is a completion of the larger w5 swing but the bottom of this decline is about finished i believe so im buying and will hold a little heat if i must. This whole move down is a major W2 in my mind meaning targeting 1.10-1.14 over a good period of time. If wrong just absorb the loss and try again
"Millionaires don't use astrology, billionaires do"
  • #1,784
  • Aug 2, 2007 9:42am Aug 2, 2007 9:42am
it is the beginning of the last bull run. if price gets there, we are definitely back to the downtrend.

p.s if price will retrace back to around 1.0550 i will close my positions
  • #1,785
  • Aug 2, 2007 9:53am Aug 2, 2007 9:53am
Quoting OrionsWay
Im not sure what you use for trading but mine is very simple i buy and sell strength weakness with a little EW for projection.
I see this as a ABC correction with fibs lining up with 50 and 100 bar ma's.

The move that triggered my long was buying the selling. If we go inwards on TF's say 15m we can see from our macd 5 35 5 that we are working the 5th wave now(larger) and completing minor w3 with buying coming in strongly on a retracement extension of 161.8 to complete w3. we should be heading north now for a w4 OR maybe that is a completion of the larger w5 swing but the bottom of this decline is about finished i believe so im buying and will hold a little heat if i must. This whole move down is a major W2 in my mind meaning targeting 1.10-1.14 over a good period of time. If wrong just absorb the loss and try again
I have macd 15,3,1 and stochastic 13,5,5

I had read about Eliot Waves, but i donīt understand how to count them. Do you know a web page or site where i can learn how to use Elliot waves?

Thanks
  • #1,786
  • Aug 2, 2007 9:58am Aug 2, 2007 9:58am
Quoting bobblong
it is the beginning of the last bull run. if price gets there, we are definitely back to the downtrend.

p.s if price will retrace back to around 1.0550 i will close my positions

Thanks
  • #1,787
  • Aug 2, 2007 10:06am Aug 2, 2007 10:06am
Quoting Forexpupil
I have macd 15,3,1 and stochastic 13,5,5

I had read about Eliot Waves, but i donīt understand how to count them. Do you know a web page or site where i can learn how to use Elliot waves?

Thanks
There is much free material on EW and easily available to the seeker, ebook programs etc. peer to peer is a good start
"Millionaires don't use astrology, billionaires do"
  • #1,788
  • Aug 2, 2007 12:18pm Aug 2, 2007 12:18pm
Well well just as I figured we got closer to 1.0500. Long from 1.0507
Patience + Humility + Study = Success
  • #1,789
  • Aug 2, 2007 12:26pm Aug 2, 2007 12:26pm
Quoting DutchTrader
Well well just as I figured we got closer to 1.0500. Long from 1.0507
Nice one!
My EL at 1.0505 still sitting there patiently waiting to be hit.
  • #1,790
  • Aug 2, 2007 1:12pm Aug 2, 2007 1:12pm
long 1.0522 based on 50% fib retracement, and 150 MA on the 4 hour
  • #1,791
  • Aug 2, 2007 1:58pm Aug 2, 2007 1:58pm
Quoting DutchTrader
Well well just as I figured we got closer to 1.0500. Long from 1.0507

Priced closed below my 55sma, will slice through the 50% fib, IMHO.
  • #1,792
  • Aug 2, 2007 4:00pm Aug 2, 2007 4:00pm
maybe another small dip into 490 475 area that should put the do it to it if not already done.
"Millionaires don't use astrology, billionaires do"
  • #1,793
  • Aug 2, 2007 4:30pm Aug 2, 2007 4:30pm
Quoting OrionsWay
maybe another small dip into 490 475 area that should put the do it to it if not already done.
That's what I said
Patience + Humility + Study = Success
  • #1,794
  • Aug 2, 2007 4:36pm Aug 2, 2007 4:36pm
Quoting DutchTrader
That's what I said
Indeed my man, would actually like it to get some better positions on, my next is sitting prolly too low but will leave it there in case nonsense takes place at 456

dont know lookin 1 an 4 hr if you got the 07 dip think you got all that will become
"Millionaires don't use astrology, billionaires do"
  • #1,795
  • Aug 2, 2007 4:59pm Aug 2, 2007 4:59pm
Quoting cesande
Nice one!
My EL at 1.0505 still sitting there patiently waiting to be hit.


I had mine set at 1.0508... It seems to have a hard time going below 1.0510. Do you think it's going to go back up all the way into 1.0550s and above?

~G.
  • #1,796
  • Aug 2, 2007 5:21pm Aug 2, 2007 5:21pm
Quoting OrionsWay
Indeed my man, would actually like it to get some better positions on, my next is sitting prolly too low but will leave it there in case nonsense takes place at 456

dont know lookin 1 an 4 hr if you got the 07 dip think you got all that will become
It seems like it's consolidating in the 20s, but I have a feeling we'll test 1.0500
Patience + Humility + Study = Success
  • #1,797
  • Aug 2, 2007 5:22pm Aug 2, 2007 5:22pm
Quoting DutchTrader
Meaning that the if it goes to say 1.0675 sellers will start shorting at that level.
Hi there Dutch

Is it possible that you can post a chart some times
to support what you are saying ?
---- -------------------------------------------------
Thanx in advance........
  • #1,798
  • Aug 3, 2007 2:40am Aug 3, 2007 2:40am
Quoting marketwavez
Usd/Cad
here is what I See
----------------------------------

The Canadian Dollar is rallying out of Multi-Year lows from just below .0350
then made a Double Bottom or equal lows .....

I have a perfect 161.8 of the last wave 5.5.4 becoming the bottom for 5.5
If this is indeed the end of 5.5 we're either doing an ABC or starting a new count with a 1-2-3 and we may have just put in the 2. Weekly BUOB and monthly PB are likely to reinforce this.
1.0510 may have been the buy of the year

Confirmation comes once 1.0730 is exceeded and the prior downchannel broken out of again and the BUOB / PB triggered.
Attached Image
Trust price. Know yourself.
  • #1,799
  • Aug 3, 2007 2:42am Aug 3, 2007 2:42am
Channel is from weekly.

There remains a big chance of this all going to hell once news hits

Also - I am not an Elliotician. I have NO IDEA about that. I just counted some nice bumps, is all.

PA setups remain valid so far however.
Attached Image
Trust price. Know yourself.
  • #1,800
  • Aug 3, 2007 2:49am Aug 3, 2007 2:49am
Seeking, i think your right on there
"Millionaires don't use astrology, billionaires do"
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