USDCAD trend reversal?

USD/CAD
sideways channel
support .9800 daily 200 sma
.9783 daily 20 sma

Large resistance monthly 20sma 1.009

pair is trading well above weekly support .9694 20 sma
w/major psychological resistance naturaly at parity

all eyes on future fed policy Friday speech

Unless Bernanke wants to trigger a global currency crisis by weakening the USD, one would expect no major policy initiatives. Equity fluffs will be disappointed on Friday.

enter as per pic, TP ard 0.97++ let the market decide.

short on my responsibility, its going down since 2002 due to oil price continus increases, i don't expect it will reverse back until the case is solved between US and Iran.

http://lcchong.files.wordpress.com/2...ng?w=877&h=396
http://lcchong.files.wordpress.com/2...ng?w=877&h=397

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

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

If your are finding that indicators are falling short on the job.

From "Reading Price Charts Bar By Bar" "The Technical analysis of Price Action for the serious Trader"
by Al Brooks

from the preface
" It seemed obvious to me that if one could simply read the charts well enough to be able to enter at the exact times that the move would take off and not come back, then that Trader would have a huge advantage. He would have a high winning percentage and the few losses would be small. I decided that this would be my starting point, and what I discovered was that nothing had to be added. In fact, any additions are distractions that result in lower profitability. This sounds so obvious and easy that it is difficult for most people to believe."

Good on all time frames.

Not an easy read as he invents his own language, but worth the effort.

USD/CAD – Bias (W1): Bearish + Uncertain; Bias (D1): Bullish + Ranging

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

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

USD/CAD – Bias (W1): Bearish + Uncertain;Bias (D1): Ranging; Bias (Overall): Uncertain



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

http://lcchong.files.wordpress.com/2...ng?w=877&h=399

Dtf had somewhat bastardized inverse H&S forming & techs looked good for probable buy.

Long trades for awhile ( shorts on Beaver).

Dly: 50 X'd > 200 & RSI > 50.

Wly: RSI> 50
$ > 50 ema
$ broke prev supp turned Resist @.9993 ( Apr 4/10 - Oct 31/10)

Fundies: risk adverse & USD"safe-haven" status

USD/CAD – Bias (W1): Moderately Bullish; Bias (D1): Bullish; Bias (Overall): Bullish

http://lcchong.files.wordpress.com/2...ng?w=837&h=379

http://lcchong.files.wordpress.com/2...ng?w=837&h=379

Buying E/CAD

Selling Beaver

Long US/CAD: Dly RSI up & >50
MacD up

Wkly:RSI.50 STO heading up as is MacD (up & > H2O)
Mthly: RSI> 50
DTO going up

TPP: 1.0537 (wklt 200 ema then 1.06ish is mthly 50 ema)

Risk aversion in general & commodities going down.

USD perceived safe haven status.
(FOTO: the grasshoppers are beginning to die-off)
Us pissants are winning

Closed 0480 1st TP 0537 looking good.

Beaver short: AB=CD TPP 70.94

USD/CAD – Bias (MN): Bearish + Bullish Reversal; Bias (W1): Bullish; Bias (Overall): Bullish

http://lcchong.files.wordpress.com/2...ng?w=837&h=379

http://lcchong.files.wordpress.com/2...ng?w=837&h=379

hey Scarecru,
It has been a rough road but the direction is clearing up.
This bailout situation is getting so expensive that there are no longer any pockets deep enough to pick to keep the devil afloat.

Loss of confidence is gaining steam and the markets are being forced to deal with real world economic damage.

Reality is a messy affair but for the economy to turn it will have to be dealt with.

good luck in your endeavors.

The pattern on the weekly USDCAD seems majorly bullish. If Ellioticians are worth some salt, that seems to me to be what some call a diagonal, and others call a bullish wedge. Most of the time, these patterns retrace their entire length as a minimum and if bullish momentum is sustained, it can spark something more. I'm wagering a minimum target (long term) of 1.17. With the caveat that I could be dead wrong. That doesn't bode well for the other commodity pairs AUD, NZD or other high yielders like the ZAR. All of which I am longer term bearish on. Goodluck everyone.

0537 TP hit

Mthly: 0602 is 50 ema
STO & RSI are up

Mthly Hi (May 2010) 0802 next TP

Do you see oil at $60/barrel? That would be the result if UCad went to 1.17.

Position building...
Small Entry No. 1: sell 1,0638

I am still waiting for 1.0670, dunno if it will test today or no..

The cad seems to be trending strong! Does anyone feel this could be a start to a long trend.