Big levels in play. Took a short at 1.2590, stop at 1.2605 {image}
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Well, clearly trending up but getting somewhat close to high highs, resistance(s) and...a top ? Could be ?
On bigger frame I see:
- getting close to key Fibo high probability pullback area's
- R3 daily getting below R1 hourly
- MACD + RCI peaking out
- possible hidden bearish divergence between MACD/RSI against price
Anyway I'm not comfortable in buying possible top. Reason why I'm starting to look to short with very tight stops. In case my stops no longer get triggered, I'll get more confident in loading up and build bigger positions. But I need to see that first. From lower band of the triangle I'm however willing to attempt a few long in case of break-out with thigh stops just below triangle support line.
I keep reading this thread and it always makes me giggle how anxious you all are waiting for the correction. When is it coming?
This thing is going to a buck 50 once oil breaks down below $40. If you aren't loading up for the hail mary long at this resistance then I guess you can puss out and go short. But cover once it gets near the weekly 10 EMA (which it was around 1.2350) because every time it has come close this thing launched at least 200 pips.
I have been so long this pair from the end of Nov. Every 250 pips or so I adds me another contract on a profit taking dip. Which isn't easy because this pair has been breaking out on the weekly.
Then I am going to cash out and drive up across the border to Montreal for some sweet Quebecian Kush and then back down to the border to load up my SUV with a tone of cheap Canadian booze at the duty free and then.
Seems that inability to break horizontal resistance, coupled with overbought oscillators pulling back USDCAD towards 1.2590, a break below that level negates the descending trend-line breakout.
I keep reading this thread and it always makes me giggle how anxious you all are waiting for the correction. When is it coming? This thing is going to a buck 50 once oil breaks down below $40. If you aren't loading up for the hail mary long at this resistance then I guess you can puss out and go short. But cover once it gets near the weekly 10 EMA (which it was around 1.2350) because every time it has come close this thing launched at least 200 pips. I have been so long this pair from the end of Nov. Every 250 pips or so I adds me another contract...
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All this useless soliloquy when a simple chart/tp/timeframe would do.
The coincidental success is more dangerous than the expected failure
Guess we can go down a bit, will be adding longs if so, oil price falling should support the pair in coming weeks. Still think test of highs is coming.
{quote} I got in after US news, took my stop off for this news, also agree will bounce back up in no time.
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This one may not bounce till tomorrow.... looks dirty, may want to shake out weak longs before the test of highs.. I'll take it though, better entries for me.
but it is still + 25 pips lets wait for another opportunity
