Is it finally time to short the EUR/CAD? | Forex Factory

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Is it finally time to short the EUR/CAD?

  • #1
  • First Post: Dec 9, 2006 6:16pm Dec 9, 2006 6:16pm
The euro cad is on a 1400 pip bull run. A real monster. But, some recent price action suggests maybe is time for it to pull back or take a breather.
Where is everyone at on this pair?
Profit is where readiness meets Opportunity
  • #2
  • Dec 9, 2006 7:08pm Dec 9, 2006 7:08pm
I am Short on Eur/Cad expecting it to drop to 1.4865.

Monarch
  • #3
  • Dec 9, 2006 7:40pm Dec 9, 2006 7:40pm
check out the weekly chart. Pin(not the longest nose) off the 365 ema. I think this is definitley worth watching finally for a pullback.

lets see what next week brings!
Attached Image
  • #4
  • Dec 9, 2006 8:00pm Dec 9, 2006 8:00pm
mbqb11

The pin does show some sign on the weekly - with the nose being about 66 pips or so, and the open and close being lower than the top of the previous candle.

Look at the 1 day chart, it may even have a better nose on it about 156 pips or so, and the open and close being lower than the previous candle also. I would like to see the open on this bar a little lower, this makes me a bit cautious for now, but nevertheless it gain my interest.

This is a good look, confirms my Short a bit more.

Thanks a lot,

Monarch
  • #5
  • Dec 9, 2006 8:07pm Dec 9, 2006 8:07pm
Also looking at EUR/CAD - the Pin came 1 pip below the R2 Daily, which is a good indication that there may be a draw back, especially with the close going all the way to a S3 Daily.

70 drop from High to Low this week. may have small up retrace before continuing down more.

Monarch
  • #6
  • Dec 9, 2006 8:10pm Dec 9, 2006 8:10pm
here is the daily chart up at the fib on the VWB with a pin. A short under the 1.5140 area could be a safe play as well. at the least, this pair is worth watching. Friday had a pin on the 4 hour chart as well that was good for 50 pips itself. So we have weekly daily 4 hr pins.

Take care,
Mike
Attached Image
  • #7
  • Dec 9, 2006 8:19pm Dec 9, 2006 8:19pm
Quoting monarch
mbqb11

The pin does show some sign on the weekly - with the nose being about 66 pips or so, and the open and close being lower than the top of the previous candle.

Look at the 1 day chart, it may even have a better nose on it about 156 pips or so, and the open and close being lower than the previous candle also. I would like to see the open on this bar a little lower, this makes me a bit cautious for now, but nevertheless it gain my interest.

This is a good look, confirms my Short a bit more.

Thanks a lot,

Monarch
Correction on the 1 Day Chart - it was only 43 pip nose, still a nice setup though.

Monarch
  • #8
  • Dec 9, 2006 8:21pm Dec 9, 2006 8:21pm
mbqb11.

Would you expect a rise in price at open, then the drop off?

I would have a entry waiting to go Short at the S1 area of 1.5230 then expect it to continue its downward move.

Monarch
  • #9
  • Dec 9, 2006 8:35pm Dec 9, 2006 8:35pm
hey monarch,

usually a retrace happens, and then you can wait for a break of these pins. I have no idea whats gonna happen, and won't even try to tell you I do. I'll just wait for something to tip me off where this may be going. If you want to wait for a retrace to get in to minimize your stop, I would look for price action or whatever your system is around S1 if that is where you are looking for your entry.

best,
Mike
  • #10
  • Dec 9, 2006 8:39pm Dec 9, 2006 8:39pm
Quoting mbqb11
here is the daily chart up at the fib on the VWB with a pin. A short under the 1.5140 area could be a safe play as well. at the least, this pair is worth watching. Friday had a pin on the 4 hour chart as well that was good for 50 pips itself. So we have weekly daily 4 hr pins.

Take care,
Mike
this one of the things i am looking at as well
Profit is where readiness meets Opportunity
  • #11
  • Dec 10, 2006 8:37pm Dec 10, 2006 8:37pm
Well I took the short at 1.5154. it is 50 pips up now and I have moved my stop to +1. We shall see.
Profit is where readiness meets Opportunity
  • #12
  • Dec 10, 2006 8:43pm Dec 10, 2006 8:43pm
im with ya
  • #13
  • Dec 13, 2006 6:30am Dec 13, 2006 6:30am
Well I have taken another short on the eur/cad at 1.5290. it is currently about 30 pips up and I have moved my stop to +1
Let's see if it will hold this time. So far this week I have results of +1 and -11 trying to get into a swing short on this pair. Anyone else back on the short train?
Profit is where readiness meets Opportunity
  • #14
  • Dec 13, 2006 1:17pm Dec 13, 2006 1:17pm
I think that one more impulse wave up to 1.5370 should bring us to the ultimate top of this trend.
  • #15
  • Feb 29, 2008 4:24pm Feb 29, 2008 4:24pm
Quoting itme
I think that one more impulse wave up to 1.5370 should bring us to the ultimate top of this trend.
i wonder if that price will be top for euro/usd......
its just money
  • #16
  • Feb 29, 2008 4:42pm Feb 29, 2008 4:42pm
Not really sure I would be anxious to short EUR/CAD yet..... you could put a trailing sell maybe 50 pip below the low of each day and follow it that way.
Just a thought......

http://img404.imageshack.us/img404/9...apture2nw6.png
Same Whore .... Different Dress
  • #17
  • Last Post: Feb 29, 2008 5:01pm Feb 29, 2008 5:01pm
i found 1 chart yesterday, while updating ...
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its just money
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