USDCAD trend reversal?

My view :

The movement of price is simply a function of supply/demand for each currency. The key to low risk profits is to be able to identify price levels where supply and demand are out of balance.Setting my goals and
developing a plan is my first step.By setting a long-term goal, creating a detailed plan of how I'm going to reach it and some short term steps along the way, I'm setting a good path for success.

After that.. I’m scaling in..and out….

Main rule :

Stop Loss orders are a key component in the trading process and setting adequate stop loss orders is extremely important.

Win or lose…I’m learning…it never ends.

Lol, it's not for nothing that I am a champ in averaging down.
Took longs in the low 0.97's a few times and unloaded in the last 16 hours, and loaded again.
Currently B/E = 0.9740, Target revised 0.98

Shamu

Edit, 3:05 AM PST, currently 3 pips in profit

T1

GL

Nice little run it is making at the moment.

I have been trading with Limits lately instead of market orders and for the most part it has been very helpful in me overcoming my number one trading problem.

In this case I missed out on a great move by 12 Pips.

And it's gone!...

Target reached while I was sleeping LOL

Shamu

Dly: Range May 23 to present ( 9790-9655) break up today

OR could view as ascending triangle.

Either scenario made pips.

9892 is 200 ema ( down slope) next Resistance. MacD > H2O & @ signal.

Euro GBP not looking great & risk aversion main dish.

Still buying CHF.

China beginning to lose momentum.

http://lcchong.files.wordpress.com/2...ng?w=877&h=397

http://lcchong.files.wordpress.com/2...ng?w=877&h=398

resistance @ 1

First short target 98.20, then long target 99.80
I'll probably go long and short at the same time, add shorts it we go higher, and add longs if we go lower. Success almost guaranteed in both directions.

Shamu

Week review
Technicaly USD Index continues to strengthen on a weekly basis.
Equity markets continue decline suggesting ongoing risk aversion will continue.

A falling Euro will cause the Sovereign currency diversification theme to slow or stop. Sovereign money managers will have their "heads cut off" figuratively speaking not literaly speaking (hopefully) for buying into a depreciating asset and losing the State billions and billions.

Announced end of QE has psychological effect on sentiment as equities have been bouyed by the perception that bailout Nation would be never ending.

US budget impasse shows that Congress may have discovered they have a fiduciary responsibility to the American people. What a suprise!

Obamas poll numbers keep heading South which indicates American electorate has had enough of Socialism. A return to Capitalism for the US is bullish for the USD.

Since I use the USD Index as a guage for which way the river flows, will continue to hold USD longs.

USD/CAD breaks above the recent daily range trade and commodities/oil continues the tumble.

Question of the week to come. Austerity in Europe, is it possible to get Peripheral Nations to get more austerity imposed on citizens?
My trade position is that this will not happen. The Arab spring becomes Europe's summer of discontent.

The loser will be the Banking system which will lead to restricted lending.
World money velocity is really falling hard confirming this as actually happening.
Less lending equals falling GDP equals further inability to pay for excessive debt which leads to less lending ...... The debt spiral trap is on.

Conclusion, safe haven trade is better then risk assumption.
Trade strategy: Will hold USD longs thru swings and add size as market confirms direction. Playing the long ball as this move may become a generational event.

As a follow up to USD/CAD–Some Updates (25 June 2011) (BIAS: Bullish)

http://lcchong.files.wordpress.com/2...ng?w=877&h=397

As expected, target 0.9820 reached, but I chickened out 24 hours too early.
Now building longs on the way to parity.

S

Little to early...or..?

hitting 3 channel bottoms (1h, 4h and 1d) , but still risky

http://www.ps.wol-clan.de/img/picshare_1309366622.gif

Wow, never expected to be soooo wrong this week.

Anyway, exercising the beauty of averaging down leads me to a b/e point of 0.9775 and will probably buy some more in the next few hours.

We'll see where it stands 24 hours from now.

Shamu

Hi everyone.
Still learning

Here's my thought on this pair. Feel free to Comment

Long Limit @ 0.9693.

Nailed one earlier @ 0.9691. Took profit already.

Trading this week was like riding a horse while yer 'roids are infected!

Dly: 200 ema was resistance. Could be the low volume (Canada Day & US 4th) as well as end of month squaring.

STO down & RSI < 50 but MacD > H2O & $ @ low BB.

Wkly: STO down MacD < H2O & RSI <50 ( more synchronicity)

Mthly: Down trend but STO O/S & up as well $ @ low BB

However: monthly Apr/May candles look like RRs & June is a +

Then you gotz the whole world happy cuz Greece is getting tons of $$$$$ thrown at them with the rest of the PIIGS waiting their time at the trough.

The sons of Fitch's (Moodies S&P et al) are slashing credit ratings as if they are starring in "Nightmare on Elm St." Yet the news reports say how wonderful the mkts are doing.

My new trading view shall be TST ( toilet seat trading with the mantra "NO trend is your friend") Be forewarned forex PA; if you go up, I'll pee on you & if you go down, I'll crap on you!