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USD/CAD

  • #6,681
  • Jan 6, 2015 10:04pm Jan 6, 2015 10:04pm
There are many ways of confirming a reversal or beginning of a trend, I'll use the one here - if it breaks the lower channel line.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM5 32.png Size: 49 KB
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  • #6,682
  • Jan 7, 2015 4:49am Jan 7, 2015 4:49am
Breaking lower in a hurry through minor channel line
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Click to Enlarge Name: USDCADM15 01.png Size: 40 KB
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  • #6,683
  • Jan 7, 2015 11:10am Jan 7, 2015 11:10am
opened a short position @ 1.18480
  • #6,684
  • Jan 7, 2015 1:39pm Jan 7, 2015 1:39pm
It would appear that today's R1 pivot is a big time resistance for Usd.cad How any people will now be looking to sell this pair, as this run since the 31st of December has been rather impressive.
  • #6,685
  • Jan 7, 2015 2:08pm Jan 7, 2015 2:08pm
Entered long.
  • #6,686
  • Jan 7, 2015 2:28pm Jan 7, 2015 2:28pm
did the same, hoping to trade the channel for a few pips opened buy at 1.1826 with a tp at 1.1855

we will see if i have learnt anything in the last few weeks. the trading signals i been relying on have not exactly had a good few days, so tried my hand on my own for this one, we will see.
  • #6,687
  • Jan 7, 2015 3:29pm Jan 7, 2015 3:29pm
Currently that USD/CAD buy seems to not be the best order at the moment. Since the news released, USD/CAD has now found resistance under 1.1830. It has failed to close across that on the 3 lower tf, and a cup and handle formation on the 5m is what the buyers would want to say, but we need to first close across 1.1830 on the bid on the 5m, and have the SMA10 give us support in order to charge today's high.
  • #6,688
  • Jan 7, 2015 3:39pm Jan 7, 2015 3:39pm
You can now see that 10 mins later USD/CAD has had a big time rejection on the lower tf off the price I gave. I am awaiting a close above 1.1830 on the bid before I buy. Hopefully that order is filled prior to the daily pivots changing.
  • #6,689
  • Jan 7, 2015 3:58pm Jan 7, 2015 3:58pm
so you'd close that trade and wait for it to close above 1.1830? few bucks down so far, stop loss is at 1.180 so i won't lose too much if it goes wrong.
  • #6,690
  • Jan 7, 2015 4:09pm Jan 7, 2015 4:09pm
Quoting skyhok
{quote} Yeah, trading-wise it won't be very wrong with a few small sell stops under present price?
sorry, did not see your message..
This is my count, i am short.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 62 KB
  • #6,691
  • Jan 7, 2015 4:23pm Jan 7, 2015 4:23pm
hehe i give up, gonna close it while its only a bit in the red.
  • #6,692
  • Jan 7, 2015 4:29pm Jan 7, 2015 4:29pm
Quoting WeeMee
so you'd close that trade and wait for it to close above 1.1830? few bucks down so far, stop loss is at 1.180 so i won't lose too much if it goes wrong.
Correct. If you look at the 5m of USD.CAD and notice the move down after the FOMC. Do you then see the long red candle which engulfed the last green high created on the 5m. Well the high of those two candles is the resistance, and you will then see35 mins later USD.CAD attacked it, only to touch it and reject from it. http://prntscr.com/5pq6x8
  • #6,693
  • Jan 7, 2015 4:32pm Jan 7, 2015 4:32pm
thanks for the explanation.
  • #6,694
  • Jan 7, 2015 8:38pm Jan 7, 2015 8:38pm
Quoting longshot_nl
{quote} sorry, did not see your message.. This is my count, i am short. {image}
Hey your count looks good I'm following
Elliott Wave for optimum entry, exit and risk management of trades
  • #6,695
  • Jan 7, 2015 9:07pm Jan 7, 2015 9:07pm
It doesn't appear USD/CAD has enough steam to push towards yesterday's high. It is now Trading at the main pivot. For those of you with long bias, you would want it to stop here and accumulate, and let London break it out to the upside. USD.CAD is correlating negativaly to EUR/USD, but EU has had a much bigger retrace then USD/CAD did AFTER the FOMC minutes.

USD.CAD is more then 3 pips away from the FOMC created high, and I don't see us being able to attack it before a re test of 1.18072 USD/JPY attacked the FOMC high, but USD/CAD has not even been able to get back 50% of the price it lost after the news.
  • #6,696
  • Jan 7, 2015 9:28pm Jan 7, 2015 9:28pm
Quoting KmBioDmoneda
It doesn't appear USD/CAD has enough steam to push towards yesterday's high. It is now Trading at the main pivot. For those of you with long bias, you would want it to stop here and accumulate, and let London break it out to the upside. USD.CAD is correlating negativaly to EUR/USD, but EU has had a much bigger retrace then USD/CAD did AFTER the FOMC minutes. USD.CAD is more then 3 pips away from the FOMC created high, and I don't see us being able to attack it before a re test of 1.18072 USD/JPY attacked the FOMC high, but USD/CAD has not even been...
Hi
Do you mean 1.1872?
  • #6,697
  • Jan 7, 2015 9:31pm Jan 7, 2015 9:31pm
UJ is carving out a Wave 4 triangle on the daily chart, whereas UC just finished its 5 waves up, do you think, pls feed back thx
  • #6,698
  • Jan 7, 2015 10:00pm Jan 7, 2015 10:00pm
Quoting sclipp
UJ is carving out a Wave 4 triangle on the daily chart, whereas UC just finished its 5 waves up, do you think, pls feed back thx
IMO UJ going up, but I will not buy until I see clear sign of bulls. So waiting for clear sign.
Money never sleeps I can hear the dollar calling me
  • #6,699
  • Jan 8, 2015 1:40am Jan 8, 2015 1:40am
Quoting skyhok
{quote} Hey your count looks good I'm following
Thanks, IMHO its got the rest of the month to close below the bump line and make a spike.

Attached Image (click to enlarge)
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  • #6,700
  • Jan 8, 2015 6:50am Jan 8, 2015 6:50am
USDCAD seems coming down to 1.1750 soon. However, upside resistance of 1.1880 becomes crucial for determining near-term CAD move.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 38 KB
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