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USDCAD trend reversal?

  • #1,881
  • Aug 8, 2007 11:18am Aug 8, 2007 11:18am
On my chart just at the NY open there was a big gap. also on the EUR/US and GBP/US. In as much as nature abhors a vacuum, doesn't this look like a good opportunity to pick up some pips?
  • #1,882
  • Aug 8, 2007 11:49am Aug 8, 2007 11:49am
looked at the chart.
not going to trade usdcad for a while but that's just me.

will keep an eye on it though.
BAM BAM BOOM! -bravado
  • #1,883
  • Aug 8, 2007 11:52am Aug 8, 2007 11:52am
Looks like the trade would develop after some consolidation , but I am orions way in that I have positions but at a higher rate ....

But would love to ride that roller coaster to the top :-)
  • #1,884
  • Aug 8, 2007 11:57am Aug 8, 2007 11:57am
Quoting amed12
Going up to the sky like this coaster
Cedar Point...
  • #1,885
  • Aug 8, 2007 12:27pm Aug 8, 2007 12:27pm
Quoting connect_ananth
Looks like the trade would develop after some consolidation , but I am orions way in that I have positions but at a higher rate ....

But would love to ride that roller coaster to the top :-)
Trading on hopes?
  • #1,886
  • Aug 8, 2007 12:28pm Aug 8, 2007 12:28pm
yes
  • #1,887
  • Aug 8, 2007 12:35pm Aug 8, 2007 12:35pm
Quoting bobblong
Look in the graphic below, it is self explanatory. 4HR chart.

...

But my idea is that while forming this pattern it has been cutting through supports on the way but the one marked in the graphic depicts the most significant one and where price is holding on to now. If/when this pattern is complete, we have a good indication of the forthcoming trend. If price will close on the 4hr below this support, I say it is a good indication of trend continuation to the downside.

Bob
ok that was a 4HR chart. pretty good analysis.
i thought it was a 15-30 minute chart before (DOH!).

had my head in the clouds and feet off the ground earlier.
i still do!

Bob's Chart:

Attached Image


appreciate your analysis.

to me usdcad looks like one of the harder ones to trade atm.
BAM BAM BOOM! -bravado
  • #1,888
  • Aug 8, 2007 12:40pm Aug 8, 2007 12:40pm
Quoting bobblong
Trading on hopes?
Monthly RSI @ 30 and bounce from low last month and also unwinding of the shorts which is at high level is what makes me think it will go high .. So indeed trading is a hope , but a hope based on analysis and Inputs ..;-)

Again need not necessarily be correct .. A break of 1. 0550 and a sustained close above 1.0600 will be the confirmation for this scenario
  • #1,889
  • Aug 9, 2007 4:37am Aug 9, 2007 4:37am
USDCAD

USDCAD is in correction to the up trend. The fall from 1.0698 extended to as low as 1.0461, further fall towards 1.0425 area to reach the next cycle bottom on 4 hours chart is still possible later today, and the next cycle bottom is nearing. Key resistance is at 1.0587, a break above this level will signal the resumption of the up trend.
If I Go Broke Trying Then I Will die happy.
  • #1,890
  • Aug 9, 2007 4:48am Aug 9, 2007 4:48am
Quoting connect_ananth
Monthly RSI @ 30 and bounce from low last month and also unwinding of the shorts which is at high level is what makes me think it will go high .. So indeed trading is a hope , but a hope based on analysis and Inputs ..;-)

Again need not necessarily be correct .. A break of 1. 0550 and a sustained close above 1.0600 will be the confirmation for this scenario

Connect, hang tight me friend. sitting on some minor hrly 100 bar res atm next 30 min 360 bar res @ 0564 then were home free me thinks for a real nice ride
"Millionaires don't use astrology, billionaires do"
  • #1,891
  • Aug 9, 2007 7:38am Aug 9, 2007 7:38am
I guess nobody likes the cadbury anymore

not me I Love it
"Millionaires don't use astrology, billionaires do"
  • #1,892
  • Aug 9, 2007 7:45am Aug 9, 2007 7:45am
Quoting OrionsWay
I guess nobody likes the cadbury anymore

not me I Love it
I don't mind it, I am waiting for a more positive direction.

Maybe a 1 2 3 bottom or something like that or If I happen to look at the chart & see some nice indicators/price action.

I was in the same time as you & trailed my stop too much up by accident & got about 20 pips.

Nice work, I can see a bit of a top on it though unless you are in for the long haul.

Question do you look at the other CAD pairs like Euro & Gbp, & do you find they work well & trend together & how much of the time.

I did notice when I was trading them that the £ did. I uusually use the $CAd as a barometer for the £.
Le singe est dans l'arbre
  • #1,893
  • Aug 9, 2007 8:06am Aug 9, 2007 8:06am
I am long usdcad long from 1.0511
Trust price. Know yourself.
  • #1,894
  • Aug 9, 2007 8:09am Aug 9, 2007 8:09am
Hilander, no i have never checked into cad crosses, i maybe should though

seekinglight, most excellent. This thing is about to release a wave of energy north that will blow everyones mind i think
"Millionaires don't use astrology, billionaires do"
  • #1,895
  • Aug 9, 2007 9:01am Aug 9, 2007 9:01am
Quoting bravado
looked at the chart.
not going to trade usdcad for a while but that's just me.

will keep an eye on it though.
Quoting bravado
..to me usdcad looks like one of the harder ones to trade atm.
check out the ups then the crazy drop just now.
i told you i was hardcore.
Attached Image
BAM BAM BOOM! -bravado
  • #1,896
  • Aug 9, 2007 9:07am Aug 9, 2007 9:07am
yep excellent op to add on that bar, so i did 568 sl is near by though

Lo volume tests seems to be calling the shots so far, or at least for now, away we go?
"Millionaires don't use astrology, billionaires do"
  • #1,897
  • Aug 9, 2007 9:13am Aug 9, 2007 9:13am
Quoting bravado
check out the ups then the crazy drop just now.
i told you i was hardcore.
Yea, USDX hit .786 of it's downswing and paused it's rise, and EURUSD hit 1.3666 s/r
And boom, the USD got a jab.

I was swiftly out for $$$ or rather in my case EUR
Trust price. Know yourself.
  • #1,898
  • Aug 9, 2007 9:15am Aug 9, 2007 9:15am
Quoting SeekingLight
Yea, USDX hit .786 of it's downswing and paused it's rise, and EURUSD hit 1.3666 s/r
And boom, the USD got a jab.

I was swiftly out for $$$ or rather in my case EUR
expected from you.
now stop bragging. bragging is for me. and for ME only.
BAM BAM BOOM! -bravado
  • #1,899
  • Aug 9, 2007 9:31am Aug 9, 2007 9:31am
Quoting bravado
expected from you.
now stop bragging. bragging is for me. and for ME only.
If I wanted to brag I woulda posted a screenshot of a former +1100 GJ position

But no worries, we all have our pastimes, I'ma stick to charting for my guilty pleasure instead ;p


I am short dollars, short...
Trust price. Know yourself.
  • #1,900
  • Aug 9, 2007 9:39am Aug 9, 2007 9:39am
Quoting SeekingLight
If I wanted to brag I woulda posted a screenshot of a former +1100 GJ position

But no worries, we all have our pastimes, I'ma stick to charting for my guilty pleasure instead ;p


I am short dollars, short...
^^^

hey everybody.
look who is bragging!

seekinglight that's who.
BAM BAM BOOM! -bravado
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