USD/CAD Trading Room

Here is a monthly chart of the USD/CAD from mid 1970s to mid 1978.
price ranged from the 1.03s down to the .95s.....so if that lasted over 7 years todays lows could do the same,
I guess we could get ready to trade the range.........

http://img231.imageshack.us/img231/1...enshot1yi9.png


Here is the monthly chart from 1970 to today............

http://img222.imageshack.us/img222/6...enshot2ve7.png

Long position Trailing Stop Triggered / Stopped out for -10 pips

Posting updated chart for review

Fxjarhead....
I was just wondering what you based your long trade entry on.
I hav'nt seen any indication of reversal yet, nor any range being started, so I was just curious.
I will be standing aside on the US/CAD pair for a while till I see sme indication of a range or reversal.

If the USDCAD isn't in a range or setting up for a reversal wouldn't it be in a trend ?

I agree it is still in a trend (Down) that is testing support.
I at this point am cautious regarding any short entry at this time and especialy cautious as far as entering ANY long position at this time with this pair.
there are other pairs that show more trend strenth and momentum at this time.

Hey JD,

At the risk of confusing the hell out of all whom may read this, I'll try to be brief, and not ramble. First, I'd defer to the charts on Posts 16,17, & 23 for review.
Having studied those....My thought process went as follows.
Last Friday...a decent Pin Bar, Than my rsi 8/8 crossed out of the <15 area with a confirm of the cci moving above -100. ( see arrows in indicator windows )
I had wanted a pullback to test short term "support"...which did not occur, yet I had placed a Buy Stop to be onboard a daily B/O.
I "haggled" with targeting the 23.6 & the 38.2 retracement levels....which would have coincided with the 8ema (23.6) and roughly the 21ema (38.2)....the 21ema being a few days off. I would have followed these with a trailing stop just below the previous days low.....which I did, and it saved me quite a few pips.
The intent of the trade was NOT to catch a reversal,though that would have been nice, only a pullback that was triggered by my indicators and some Price action ( for all reading....no use in having indicators if they are not followed )
Please keep in mind....I trade both ways....with a trend and also during pullbacks, plus my "niche" is in the lower time frames....where I have found I have more control short term....just my way.
FYI...Had the 23.6 won the arguement over the 38.2 retrace.....approx. 55+/- pips would have been booked. Unfortunitly for the trade, I chose the 38.2. Major reason, the risk / reward was not good. My stop was 1.9970 ( risking 66 ) and reward approx 56....I aimed for 3-1 reward to risk, and 38.2 offered that return.
Yet in the Long Term, It was the right move for me....as % wise the retrace will move to the 38.2 / 21ema. Either/or.
Keeping a tight Stop Loss is key.....or stay out and wait for the best confirmation. Myself, I just trade what I see. The rest will be handled by the market.
Hope that helped a bit
Fxj

OK.......

Divergences continue to show up.....

Daily Reversal??? CCI confirm??? ...........Something to consider......

Only 2 hits into the Buy zone..... Posting for review....Open Orders expired as of 515pm edt. Oct18th

Click the link below for a rather chunky 20-min review video of a short in USD/CAD this week.

Rated G in the event your kids are around while you are watching this on your computer.

The alternate ending of a set-up in NZD/JPY really grabs viewers! - Baltimore Sun

The wave 4 corrective pull-back keeps viewers on the edge of their seats, I had to turn away. - Wall Street Journal

http://www.aspentrading.com/video/oct27(1).swf

No thread in here?

Will be trading around the news due tomorrow morning.

Employment Change
Unemployment Rate

Hi cvarnado,

The news is pretty bad... I think we need the other one (trade balance 8:30am) bad too to send this thing back up to at least 1.0230 ish. What do you think? If it would had been the other way around (very positive data), it would had kept going down. it's often harder on the way up on that pair!

hi to d both of u here..kind of new here..hope we can be tgether as a team..

Does anyone on this board trade $/CAD?

I think its a little over sold here on the hourlies at 1.2430 with decent support at 1.2420 and 1.2385

Use your own judgement, but unless CAD puts up a massive number at 8:30 on corporate earnings I think this might bounce to at 1.2500.

Thoughts ?

It is sold hard. Whats up? No wonder its an inactive thread.

CAD puts up a -16% q/q on corporate earnings and they buy the CAD ?

What I am missing here?

There is an hourly support line at 1.2385 that goes back to 2/13.

I bought 1.2425 when I made my original post. I will buy 1.2425 again if it bounces off 1.2385

Bought in 2 buys at 1.2425 just closed at 1.2478 based on a profit target hit.

May go higher, I dont allow myself to even look at it for a while LOL.

Hit 2.5x my daily target, going for a 6 mile run.

when this thing fall at last????

now I hate this pair more than eurgbp because one parallel up movement without any retrace!