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USD/CAD

  • #7,081
  • Mar 6, 2015 6:24pm Mar 6, 2015 6:24pm
Very good close to week after early down news hindered momentum.
  • #7,082
  • Edited 10:02pm Mar 6, 2015 9:20pm | Edited 10:02pm
USDCAD is back on my radar, preparing for the take-off:

Since 30 Jan, it's been forming a type of flat correction (called B-Failure) where the b wave only extend
to between 61.82-81% Fib retracement of wave a.
Ref. Mastering Elliott Wave G. Neely p. 11-8

The requirement is that wave c would retrace ALL of wave b, before resuming original up trend , in this case.
Also, wave 4 corrections often retrace to the bottom of previous iv of a minor degree.
Attached Image (click to enlarge)
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  • #7,083
  • Mar 6, 2015 9:42pm Mar 6, 2015 9:42pm
Quoting skyhok
USDCAD is back on my radar, preparing for the take-off: Since 30 Jan, it's been forming a type of flat correction (called B-Failure) where the b wave only extend to between 61.81-81% Fib retracement of wave a. Ref. Mastering Elliott Wave G. Neely p. 11-8 The requirement is that wave c would retrace ALL of wave b, before resuming original up trend , in this case. Also, wave 4 corrections often retrace to the bottom of previous iv of a minor degree. {image}
Lol, take off happened a while ago, just saying . Nice bull flag with a daily close marginally above it , getting into the area of monthly resistance tho but a stout nfp number may give it some incentive to start cracking away at it. At any rate it has used the quarterly R3 as support for about a month and a half. nice little trading range. Good luck all.
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  • #7,084
  • Mar 7, 2015 2:11am Mar 7, 2015 2:11am
Quoting digger1
{quote} Lol, take off happened a while ago, just saying . Nice bull flag with a daily close marginally above it , getting into the area of monthly resistance tho but a stout nfp number may give it some incentive to start cracking away at it. At any rate it has used the quarterly R3 as support for about a month and a half. nice little trading range. Good luck all. {image} {image}
The resistance is just around 1.266x-1.267x. it bounced back 3 times already.
  • #7,085
  • Mar 8, 2015 10:14am Mar 8, 2015 10:14am
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"W. D. Gann said that time is the most important factor among all things."
  • #7,086
  • Mar 8, 2015 11:33am Mar 8, 2015 11:33am
maybe resistance this time will not hold?
The Market pays you to be disciplined
  • #7,087
  • Mar 8, 2015 11:54am Mar 8, 2015 11:54am
Quoting mima
maybe resistance this time will not hold?
I hope it will. I'm too underwater already I need 1.24 to get out of it good :S
  • #7,088
  • Mar 8, 2015 6:14pm Mar 8, 2015 6:14pm
(eur/nok) After c on chart its more or less imagination but i still expect a strong move after a potential (4). Some options are that oil is getting stronger, eur weaker or partly both maybe. I am getting ready for some huge range trades. Slowly giving up shorting oil currencies, usd is getting stronger against other currencies and metals too.

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  • #7,089
  • Mar 8, 2015 6:22pm Mar 8, 2015 6:22pm
Quoting evrynet
{quote} I hope it will. I'm too underwater already I need 1.24 to get out of it good :S
see, dream come true.
The Market pays you to be disciplined
  • #7,090
  • Mar 8, 2015 11:47pm Mar 8, 2015 11:47pm
Ready for take off.
Attached Image (click to enlarge)
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  • #7,091
  • Mar 9, 2015 7:32am Mar 9, 2015 7:32am
I thought buying near the 4h EMA would be a good add/entry for a break out. I seem to be wrong. Where are all the buyers? I'm beginning to think that silly graph skyhok made is true.
hope for the best and expect the worst.
  • #7,092
  • Mar 9, 2015 7:38am Mar 9, 2015 7:38am
I think 1.2560 could provide strong support to the USDCAD while the upside seems limited to 1.2670.
Attached Image (click to enlarge)
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  • #7,093
  • Mar 9, 2015 7:51am Mar 9, 2015 7:51am
Quoting Fx_Anil
I think 1.2560 could provide strong support to the USDCAD while the upside seems limited to 1.2670. {image}
numbers are OK...just there are no sellers for 1.2560
The Market pays you to be disciplined
  • #7,094
  • Mar 9, 2015 8:04am Mar 9, 2015 8:04am
Quoting mima
{quote} numbers are OK...just there are no sellers for 1.2560
Let's hope the pair continue trading up towards 1.2670
  • #7,095
  • Mar 9, 2015 11:05am Mar 9, 2015 11:05am
Quoting skyhok
USDCAD is back on my radar, preparing for the take-off: Since 30 Jan, it's been forming a type of flat correction (called B-Failure) where the b wave only extend to between 61.82-81% Fib retracement of wave a. Ref. Mastering Elliott Wave G. Neely p. 11-8 The requirement is that wave c would retrace ALL of wave b, before resuming original up trend , in this case. Also, wave 4 corrections often retrace to the bottom of previous iv of a minor degree. {image}
too complicated of an analysis, my brain just farted.

Plus shouldn't you start the wave at the first sign of consolidation at the first peak? In any case I cannot understand the wave formation you outline because it looks inconsistent and almost arbitrary.

All I see is 2 break out failures and we might be experiencing a third, that is if the Canadian Job numbers are good. I expect more retarded consolidation until then, because oil is also consolidating even though we are at full capacity around the globe. I guess oil traders slept through the supply and demand class.

Another way to look at it >>> If you start form the daily uptrend formation @1.06 you can see three large waves (with roughly three impulses in each) and then a break out @1.16 which I guess you can consider #4 and then the peak and then the bull flag consolidation we are in, which now we are in the middle of or at the end of the third impulse (not sure since there is so much noise). Basically like any good market analysis I will be vague and say something big is going to happen soon. (LOL)
hope for the best and expect the worst.
  • #7,096
  • Edited 12:02pm Mar 9, 2015 11:50am | Edited 12:02pm
Any estimate :how many times will price go from 1.2576 to 1.2607 or so?
The Market pays you to be disciplined
  • #7,097
  • Mar 9, 2015 1:35pm Mar 9, 2015 1:35pm
Painful consolidation... Time to trytrading frozen OJ
hope for the best and expect the worst.
  • #7,098
  • Edited 5:55pm Mar 9, 2015 5:41pm | Edited 5:55pm
I'm short right now @ .2592 with a goal of 100 points because of the monthly resistance and the lower highs on the daily. Everyone else in here seems to have a long sentiment though. That doesn't make me feel good
  • #7,099
  • Mar 9, 2015 6:08pm Mar 9, 2015 6:08pm
Is USD/CAD always this active even during Asian? I just started trading the pair today, had all profitable albeit smaller lot trades during US session it seems to be moving a lot even now.
  • #7,100
  • Mar 9, 2015 6:36pm Mar 9, 2015 6:36pm
Quoting gabe32
Is USD/CAD always this active even during Asian? I just started trading the pair today, had all profitable albeit smaller lot trades during US session it seems to be moving a lot even now.
Last 10 sessions - 55, 38, 38, 38, 32, 52, 28, 28, 23, 28 = average 36

today already 35

hope that helps
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