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USD/CAD Trading Room

  • #281
  • Feb 8, 2010 6:38am Feb 8, 2010 6:38am
Doubt the Chinese will shift from USD to CAD.

I have just added SHORT @ 1.0709

Again based on strategy being tested.
  • #282
  • Feb 9, 2010 1:33pm Feb 9, 2010 1:33pm
Last week I have made +376 pips with my method.

My USD/CAD analysis:

3.1 USD/CAD WEEK
http://www.2targetsmethod.com/images...2/image007.jpg

The situation has not changed since the last week. A downtrend, the price is getting ready to attack a weak reversal level 1/8 once again. On the way to the target there is a strong reversal level 0/8. There is a high probability of a reversal or a strong retracement of the trend from level 0/8.

3.2 USD/CAD DAY
http://www.2targetsmethod.com/images...2/image008.jpg

The situation has not changed since the last week. A downtrend. The price moves in the trading range and therefore may linger there (a flat period has started). The price has exceeded the time frames and for the further analysis we need to reconstruct the template using new extremes.

3.3 USD/CAD 240
http://www.2targetsmethod.com/images...2/image009.jpg

We see an uptrend. The first target along the trend almost coincides with a strong reversal level 4/8 which is significant on weekly charts. There is a high possibility of the trend’s reversal from this level, which is the case.
  • #283
  • Feb 9, 2010 5:42pm Feb 9, 2010 5:42pm
TraderDTS, would you mind sharing your method? I see in some of your posts you make reference to rules and you appear to set levels based on eighths of some range.

If you have detailed it all before, could you provide a link?
  • #284
  • Feb 15, 2010 5:44am Feb 15, 2010 5:44am
Hi all, this is my 1 hr chart

Attached Image (click to enlarge)
Click to Enlarge Name: forex.gif Size: 18 KB


-------------------
How to use Elliot Wave
  • #285
  • Feb 16, 2010 12:14am Feb 16, 2010 12:14am
Price on the USD/CAD has been trading lower for about a week now. Price is currently inside the Daily Upswing levels. Will be looking for price to impact 1.0411 area and find possible buyers @ support as well as the .618 from the Daily Upswing fib. Will watch price closely at that level for a possible entry if I see confirmation that there are buyers.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-daily.jpg Size: 124 KB
  • #286
  • Feb 18, 2010 9:45pm Feb 18, 2010 9:45pm
looks like there is a retest of a long term trendline wich is looking good for a short. The loonie is strong these days I mean very strong . Take a look at this chart on different time frames, price is has a lot of respect for this trendline.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: loonie.gif Size: 51 KB
Click to Enlarge Name: loonie_h4.gif Size: 51 KB
Click to Enlarge Name: loonie_h1.gif Size: 48 KB
Click to Enlarge Name: loonie_m5.gif Size: 49 KB
  • #287
  • Feb 18, 2010 10:21pm Feb 18, 2010 10:21pm
Quoting Bridge
looks like there is a retest of a long term trendline wich is looking good for a short. The loonie is strong these days I mean very strong . Take a look at this chart on different time frames, price is has a lot of respect for this trendline.
i tried to play a bounce off that trend line at 1.05, and it didn't even bounce but 50 pips, leading me to believe that trend line is in fact broken, however no respect is given to it anymore. oh, and the fact that i won't short usd/cad may play a role into my thinking. also it's looking a lot like a bull flag.
  • #288
  • Feb 19, 2010 10:57pm Feb 19, 2010 10:57pm
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad m15 19 feb 2010 - 1.gif Size: 40 KB
  • #289
  • Feb 19, 2010 11:48pm Feb 19, 2010 11:48pm
Price has closed just above the support line on friday on H4. If its broken, then we could see minimum of 1.0324 soon.

Also Its been on the descending triangle on weekly charts. So, If the support line broke's on H4, then the next immediate support will be ONLY around 1.0324 - 1.0290 levels. So, I would prepare my shorts around 1.0390 - 1.0385 levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 19 KB
Click to Enlarge Name: usdcad_weekly.gif Size: 20 KB
  • #290
  • Feb 23, 2010 5:44am Feb 23, 2010 5:44am
Hello

Based on strategy being tested.

If price does not go above 1.0472 today then SHORT for tomorrow.


On a side note:

Why do newbies trade EUR/USD, GBP/USD is beyond me.

These pairs can wipe out your account and more than anything else they are not easy to read.

On the other hand USD/CAD is one of the low volatility pair and perfect for learning as well as making easier money with lower risk. I love USD/CAD

If someone would like to talk more about this pair please leave me a PM and we can set-up something.
  • #291
  • Feb 28, 2010 5:44am Feb 28, 2010 5:44am
USDCAD – Market Analysis and Trading Plan (28 Feb 2010)
  • #292
  • Feb 28, 2010 6:29am Feb 28, 2010 6:29am
Quoting neo1599
Hello

Based on strategy being tested.

If price does not go above 1.0472 today then SHORT for tomorrow.


On a side note:

Why do newbies trade EUR/USD, GBP/USD is beyond me.

These pairs can wipe out your account and more than anything else they are not easy to read.

On the other hand USD/CAD is one of the low volatility pair and perfect for learning as well as making easier money with lower risk. I love USD/CAD

If someone would like to talk more about this pair please leave me a PM and we can set-up something.
Agreed! The E/U is a horrible pair to trade IMO
  • #293
  • Mar 2, 2010 4:51am Mar 2, 2010 4:51am
Anyone have any thoughts on what todays overnight rate decision is going to be?

Raised or left the same?
  • #294
  • Mar 2, 2010 5:34am Mar 2, 2010 5:34am
Canada May Keep Lending Rate at 0.25%, Signal Coming Increases
http://cdn.forexfactory.com/images/m...kedarticle.gif businessweek.com
http://cdn.forexfactory.com/images/misc/news_quote.gif The Bank of Canada will probably keep its benchmark interest rate at a record low today and economists say policy makers may point to a faster-than-expected economic recovery to signal potential increases later this year. The target rate for overnight loans between commercial banks will remain at 0.25 percent, where it’s been since April, according to all 22 economists surveyed by Bloomberg. The decision will be announced at 9 a.m. New York time. Economists also predict the bank will repeat a pledge to leave it unchanged through June unless the inflation outlook shifts. The economy grew at a 5 percent pace in the fourth quarter, Statistics Canada said yesterday, faster than the bank’s... Full Story
  • #295
  • Mar 2, 2010 5:35am Mar 2, 2010 5:35am
see news
http://www.forexfactory.com/news.php?do=news&id=223416
  • #296
  • Mar 2, 2010 6:40am Mar 2, 2010 6:40am
Thank You for your replies.

Why? Why then do I strongly feel (of course, I can only answer that ) they are going to raise them I have a Long position.

Maybe I got in a bit too early but I went in only 1/2.

1.0377---Long.

Down a bit,

Will not make a significant drop below 1.0200.
  • #297
  • Mar 4, 2010 3:21am Mar 4, 2010 3:21am
Added another Long to my position.

New basis=1.0343
  • #298
  • Mar 4, 2010 9:29am Mar 4, 2010 9:29am
Hi,

After a lot of effort my strategy is now tested and works.

If anyone is interested in keeping in touch on daily basis please contact me. I dont have any commercial interest.
  • #299
  • Mar 4, 2010 9:34am Mar 4, 2010 9:34am
Quoting neo1599
Hi,

After a lot of effort my strategy is now tested and works.
I respect your opinion; but what worked in hindsight might not hold up this month.

Have you backtested your theory?
  • #300
  • Mar 4, 2010 9:39am Mar 4, 2010 9:39am
Quoting yorygog
I respect your opinion; but what worked in hindsight might not hold up this month.

Have you backtested your theory?
Have been testing it live for almost a month now. The results are astounding. Its based on Quantitative analysis. Paid a lot of $$$$ to get the time of some Math professors to take out the small problems with the system.

Let me be a little more clear I will not be sharing the system just the signals that I get. Whether to follow them or not is the individuals choice.
We can criticize each other over positions and may be learn a few tricks of this pair.

BTW expecting the price to beat 372 today.
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