If you have poor psychology you will struggle
- #7,282
- Mar 19, 2015 7:39am Mar 19, 2015 7:39am
Well I have no idea how you discovered that red line. Technically it seems arbitrary, since there are only a couple maybe 3 points to go on. I would say you are trying to hard to predict a pattern.
So you want to get charty? I can get charty.
4HOUR Consolidation USDCAD
It is apparent that the USDCAD has broken the painful consolidation turtle move from the past month. But socialist queen Yellen tried to drive it back into the consolidating triangle. But the pair did not close below the previous resistance which obviously the market found bullish. That was the short term play. Honestly I was nervous since I had put up buy orders (that were quickly filled) above the previous resistance line, but since that bearish 4H candle didn't close below the previous resistance I began to feel better.
DAILY USDCAD
However I do not place bets unless there is some other coincidental factor that is in my favor. Take a look at this daily chart and you will see rising support that goes back to the summer 2014. The bearish daily candle did not close or pierce the support at all, it just came close. This suggests another reason for a good buying opportunity. Moreover, the horizontal support for the recent consolidation triangle seems to intersect the rising support at approximately 1.2400. So it seemed that getting in early in expectation that this technical phenomena would support the bullish sentiment of this pair was a good low risk idea.
WEEKLY USDCAD
And just to confirm my suspicions of the usdcad stars aligning for a buying opportunity, I checked the weekly and notice that a bounce of the weekly 10 EMA was about to form. (Can't know for sure until the end of the week). The gold lines are a representation of the previous bullish trend that was injected with steroids at the end of 2014. I am using that trend as a reference for support since the previous resistance can become an inflection for current support. (I believe it will become the inflection support maybe a few months/ couple years down the road; hard to say).
With all those charts being presented, I still maintain my usdcad long. And my entry adds yesterday were open limit orders that I should have closed before Yellen spoke, but I was driving at the time and I really didn't think she was going to say "by dropping patience from my boring rhetoric, I don't mean I am impatient" (what a bonehead thing to say!)
So I gambled and after my analysis above I feel good about them.
And I don't understand alayinizAMKs red line. Is he signaling a new trend?
So you want to get charty? I can get charty.
4HOUR Consolidation USDCAD
It is apparent that the USDCAD has broken the painful consolidation turtle move from the past month. But socialist queen Yellen tried to drive it back into the consolidating triangle. But the pair did not close below the previous resistance which obviously the market found bullish. That was the short term play. Honestly I was nervous since I had put up buy orders (that were quickly filled) above the previous resistance line, but since that bearish 4H candle didn't close below the previous resistance I began to feel better.
DAILY USDCAD
However I do not place bets unless there is some other coincidental factor that is in my favor. Take a look at this daily chart and you will see rising support that goes back to the summer 2014. The bearish daily candle did not close or pierce the support at all, it just came close. This suggests another reason for a good buying opportunity. Moreover, the horizontal support for the recent consolidation triangle seems to intersect the rising support at approximately 1.2400. So it seemed that getting in early in expectation that this technical phenomena would support the bullish sentiment of this pair was a good low risk idea.
WEEKLY USDCAD
And just to confirm my suspicions of the usdcad stars aligning for a buying opportunity, I checked the weekly and notice that a bounce of the weekly 10 EMA was about to form. (Can't know for sure until the end of the week). The gold lines are a representation of the previous bullish trend that was injected with steroids at the end of 2014. I am using that trend as a reference for support since the previous resistance can become an inflection for current support. (I believe it will become the inflection support maybe a few months/ couple years down the road; hard to say).
With all those charts being presented, I still maintain my usdcad long. And my entry adds yesterday were open limit orders that I should have closed before Yellen spoke, but I was driving at the time and I really didn't think she was going to say "by dropping patience from my boring rhetoric, I don't mean I am impatient" (what a bonehead thing to say!)
So I gambled and after my analysis above I feel good about them.
And I don't understand alayinizAMKs red line. Is he signaling a new trend?
hope for the best and expect the worst.
- #7,285
- Mar 19, 2015 8:14am Mar 19, 2015 8:14am
- | Joined Nov 2014 | Status: Trader | 1,140 Posts
And I don't understand alayinizAMKs red line. Is he signaling a new trend?
. I am not the one who is going to challenge top of B, if ppl want they be my guest. Boom is done and the bust is no way near over imo just because fed said something that moved yesterday that already was expected a week ago do not mean we wont see lower prices.
- #7,287
- Mar 19, 2015 8:36am Mar 19, 2015 8:36am
- | Joined Nov 2014 | Status: Trader | 1,140 Posts
{quote} Heh those charts in the post I put up were for alayinizAMK since he loves his crazy charts. So I thought I would give him some crazy charts I agree with your horizontal resistance as a good exit. I just think the USD is just going back to where it was two days ago. Europe isn't increasing interest rates anytime soon and neither is Japan and only the US is thought to be raising interest rates so fundamentally in a interest rate only environment the USD should just keep getting stronger.
- #7,289
- Mar 19, 2015 1:32pm Mar 19, 2015 1:32pm
- | Joined Nov 2014 | Status: Trader | 1,140 Posts
US got what they came for. High dollar based on nothing else than speculation, interest rates unchanged and now stocks going for a new top on outlook for lower dollar
Why should they leave it all to DAX anyway, think soon the dollar can drop a bit more than most of think to be honest.
Why should they leave it all to DAX anyway, think soon the dollar can drop a bit more than most of think to be honest.
- #7,292
- Mar 19, 2015 8:12pm Mar 19, 2015 8:12pm
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,055 Posts
- #7,298
- Mar 21, 2015 10:27pm Mar 21, 2015 10:27pm
- | Membership Revoked | Joined May 2008 | 3,395 Posts
The Market pays you to be disciplined
- #7,299
- Mar 23, 2015 12:47am Mar 23, 2015 12:47am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
Long term view for USD/CAD.
Money moves the market, not an indicator.
