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USDCAD trend reversal?

  • #2,701
  • Oct 11, 2009 7:15am Oct 11, 2009 7:15am
Hi fellow loonie traders, I am glad to find this thread.
I agree CAD its at critical level, its sitting at 1.618 level of the fibo retracement. I will wait another couple days if I want to ride the trend. I will wait for a pullback, if any.
Attached Image (click to enlarge)
Click to Enlarge Name: cad 11oct.gif Size: 12 KB
-Only you and your signal, stick to it. The rest are just noise-
  • #2,702
  • Oct 11, 2009 7:42am Oct 11, 2009 7:42am
Yeah, I am so long here it's sickening. This is a very key level. Looking back there has been a lot of volume around these prices, and with a little luck there will be a dollar turn around to take it higher. USD and CAD are too close and almost contradictory in some true economic aspects. They are both dependent on each other and this makes for some unusal price action.
  • #2,703
  • Oct 11, 2009 7:50am Oct 11, 2009 7:50am
Don't be surprised when it just keeps on dropping ...
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #2,704
  • Oct 12, 2009 2:16am Oct 12, 2009 2:16am
Hi Tickershuffl, how can we get a represantable volume in forex? I understand each platform have their own version of volume, and was told by a friend that Alpari is close enough to 'real' volume. Any suggestion on this?
-Only you and your signal, stick to it. The rest are just noise-
  • #2,705
  • Oct 12, 2009 2:31pm Oct 12, 2009 2:31pm
Amero conspiracy?
Just Trade It
  • #2,706
  • Oct 12, 2009 4:06pm Oct 12, 2009 4:06pm
,p[
Quoting Raza
Sorry little late to reply..

102-103 bEING STRONG SUPPORT SO FAR...

144-153..BEING STRONG SUPPORT ..AT ONE TIME NEVER BEING RETESTED..some Fib levels as you have mentioned..Trendline..which you can se on the Chart.. Wave theory..

This is also going to be a Right Shoulder of the Head it has already made..IF you squeeze your weekly chart.. you can clearly see...also see How Deep the Fall is going to Be for USD. from 144- 153..

Of course this is not written in stone..It is Just My View..

Trade your Charts.
Quoting Myself..... lol..

That was almost 2 months ago...now waiting to go long soon.....Matter of FACT ONCE AT 102...WE WILL have some RANGING MOMENTS.!!!
Markets are not Random, they are designed!
  • #2,707
  • Oct 13, 2009 12:10am Oct 13, 2009 12:10am
It looks to me the end of wave 3 is not yet over? Next support level based on my fibo extension around 1.0100 nice round number. If this is true it will make wave 3/wave 1 ratio=2.618, more conviction that this trend could be heading south still. You don't have to believe me, but just my view.
Attached Image
-Only you and your signal, stick to it. The rest are just noise-
  • #2,708
  • Oct 14, 2009 5:45am Oct 14, 2009 5:45am
Seems like CAD doesn't retrace that much, if failed yesterday large 4H bar.
Testing the support again and ready for further tanking?

Anyone have same view?
Attached Image (click to enlarge)
Click to Enlarge Name: cad 14oct.gif Size: 10 KB
-Only you and your signal, stick to it. The rest are just noise-
  • #2,709
  • Oct 14, 2009 12:13pm Oct 14, 2009 12:13pm
I just place a sell order for CAD at 1.0275 with 50pips TP/SL
-Only you and your signal, stick to it. The rest are just noise-
  • #2,710
  • Oct 14, 2009 6:59pm Oct 14, 2009 6:59pm
Hi ND I've been reading your posts about canadian dollar, you are doing a good job .I am short for a long time on it and maybe will close my short at 1.0006 good luck to you.P.S. I am short since sept3.
  • #2,711
  • Oct 14, 2009 8:14pm Oct 14, 2009 8:14pm
Quoting sofia101
Hi ND I've been reading your posts about canadian dollar, you are doing a good job .I am short for a long time on it and maybe will close my short at 1.0006 good luck to you.P.S. I am short since sept3.
Thanks Sophia
I see you too are enjoying the ride with very very comfortable gain.
Very well done on your trade.
-Only you and your signal, stick to it. The rest are just noise-
  • #2,712
  • Oct 14, 2009 8:25pm Oct 14, 2009 8:25pm
i'm going to short this thing tomorrow morning on a opening breakout, and let it ride as long as i can with a TSL... I think we are going to easily go below $1.00...... There is no sense in going long on the cad at this juncture....
Many choose unhappiness over uncertainty.
  • #2,713
  • Oct 14, 2009 8:29pm Oct 14, 2009 8:29pm
Quoting Dan Gilbert
i'm going to short this thing tomorrow morning on a opening breakout, and let it ride as long as i can with a TSL... I think we are going to easily go below $1.00...... There is no sense in going long on the cad at this juncture....

EDIT: is it just me, or has the volatility of this pair gotten a little more rambunctious since the beginning of september-ish? Or is it the 61.8 fibo line that has me down at this time???
Many choose unhappiness over uncertainty.
  • #2,714
  • Oct 14, 2009 8:36pm Oct 14, 2009 8:36pm
Quoting Dan Gilbert
EDIT: is it just me, or has the volatility of this pair gotten a little more rambunctious since the beginning of september-ish? Or is it the 61.8 fibo line that has me down at this time???

I completely missed a trade that I should have taken... sell stop @ 1.0258... DOH!!!!
Many choose unhappiness over uncertainty.
  • #2,715
  • Oct 15, 2009 12:59am Oct 15, 2009 12:59am
My H4 signal showing selling pressure still on hopefully it will last for at least 50pips, so I place a new sell 1.0208 with 50pips TP and SL. I am risking my profit from previous trade.
-Only you and your signal, stick to it. The rest are just noise-
  • #2,716
  • Nov 22, 2009 7:44pm Nov 22, 2009 7:44pm
Looks like its reversing again
Just Trade It
  • #2,717
  • Nov 25, 2009 4:54pm Nov 25, 2009 4:54pm
Saw a big drop in the greenback today and concerning its precipitous drop against the loonie, looks like it had some help from our compatriots on the other side of the north pole, da?

For most of the afternoon the USD/CAD has been stalling out around 1.0450 area which coincides with Nov. 18 lows. Likely more stalling around the Nov. 16th low around 1.0425 as well. 1.0415/16 (low of Oct 9 &22, Nov 12) looks like a key area.

My gut is telling me that London is going to take advantage of the U.S. holiday to thrash the greenback. A drop to 1.0370/80 support could be in the cards.

Ciao,

Veng.
  • #2,718
  • Nov 25, 2009 7:54pm Nov 25, 2009 7:54pm
Alrighty...is there a group of committed USDCAD traders that can liven up this thread?
Cheers
CanuckCT
  • #2,719
  • Nov 25, 2009 11:41pm Nov 25, 2009 11:41pm
Hey Canuck,

I follow the USD/CAD daily as I work as a corporate currency trader - meaning buy/sell USD/CAD for corp. clients.

I'll try to post more often, and truly, let's breathe some life into this thread!!!

On another note, long the EUR/CHF at 1.5017 on the hope that with NY out the SNB will interven and try to really prop up the EUR in thin conditions. If they don't jump in, I'll either close my position or get stopped out at 1.4994 for a small loss. I have a take profit a 1.56, although I don't think it very likey it would get up that high, but one never knows...Trailing stop at, I think, 40-50 pips.

If I get an early xmas gift, it would be for the SNB to jump in with both feet!

Cheers,

Veng.
  • #2,720
  • Nov 25, 2009 11:43pm Nov 25, 2009 11:43pm
Oh yeah, look to fade the USD/CAD around 1.0540...or lower at 1.0525...Target 1.0415 - 1.0370/80.
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