Lets talk USDCAD

weekly pin bar and I will not cover all my open positions.

Yup, holding my position too. Positive divergence on stochastics too. Also, Pin bar coming off the lower trendline of the falling wedge. I think 1.1700 will be my limit target.

Hi guys, this is my first post. This is a great forum. I've learned a lot from it, thanks to everyone for their participation.

My question is regarding USD/CAD. I have downloaded MT4 and looking at the daily chart, on Jan 13, 2006, this pair dropped to 0.7500 area before coming back up to "normal levels". essentially, there is a hammer doji with an extremely long lower shadow. Can someone explain this? it's totally wild and not shown on FXCM's charts.

Thanks

Good signal for short

any ideas?

I am following CAD too for a short, but we gotta be patient at the moment. Right now, all we have seen is price stopping still at the long term downward trendline, but we havent quite gotten a sound reversal signal yet in my opinion.

I will personally scan this pair during the next week seeking for a reversal confirmation before jumping in short. Until that confirmation ocurs, I think we're better off sitting on our hands for the time being.

Any opinion on when we'll see 1.1400 again? I'm hoping this puppy comes crashing down but we'll see....



Mike...

I sm short from 1580


anybody following me?

but of course

I jumped in @ 1602, but man it's taking a long time to drop.

hear ya!
Too slow... but still.. it's moving and that's okay

As it started to climb did anyone dump their shorts? Just curious as to what what people are thinking, I've been holding on to mine since 1.1470 short... Guessed wrong but still strongly believe I'll recover +70 pips, just stinks having most your capital caught up in one trade.. but then again thats chance I take... Going on week 2... lets see what happens....



Mike...

My short got stopped out at breakeven on Friday's spike.

However, I'd like to comment on your post and specially on the sentece I bolded out on your quote: Are you sure you're not stubbornly holding onto a lossing possition? I mean, CAD went as high as 1.1600, which means you went into the red for well over -100 pips. It's very dangerous to "believe" the market is going to go one way or another, specially while holding a position that's going against us. It's better to close it earlier, accepting a small loss, and look into re-entering once we actually "see" (as opossed to "believe") what direction the market is undertaking.

Just some food for thought.

Like I had said in another thread, I have over a years worth of down trend on my side and I'm gambling on those odds..... but we'll see


Mike...

Excellent thread, keep up the good work!

Does anyone else take this as a breakout? Could we see a rally?

It does indeed look like a breakout of the long ass down trend (coming from may'05) because not only we broke through the trendline, but we furthermore got a bounce up off it from above, which is the confirmation that former resistance has now turned support.

I tend to agree. I jot down outrageuos predictions on post-it notes every now and then, and see if they come true in the long term while I am trading on the
short term. Does anyone else do that? It's quite fun to see how the Absolute Fibos work on LEFT Brain Trading.

For instance, on the 15 March at 10.00EST, I made a note that the USD/CAD would go up to 1.1708 in the long term. This was as it still appeared to be going down and was resting on the 1.1528 line. The prediction was based on the peak of the 10th March - half way through a 236 set, and the 1.1528 appeared to be a strong barrier (also on 90 and 146 charts).

Today it got to 1.1708.

Sweet!

31.03.06
The wave pattern of USDCAD.
http://forum.alpari-idc.ru/files/usdcad_h4_637.png

1.10 Somone around here said something about a years worth of down trend being on their side lol.... Hope you got a piece...




Mike....

Alright, this pair recently replaced EURAUD for me. Short on this one since yesterday.

-soso

Short since 1.1087, very nice trendline bounce. Already cashed in half and moved stop to breakeven .

-soso