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USD/CAD

  • #9,961
  • May 6, 2016 8:19am May 6, 2016 8:19am
Quoting Ken A
{quote} NFP is extremely bad but USDCAD going up instead of going down Strange {image}
This is a buying climax to end the counter-trend rally. USDCAD was sold heavily during the upbars.
Number #1 in PnL and Pips on Dukascopy Trader Contest since 2011
  • #9,962
  • May 6, 2016 8:22am May 6, 2016 8:22am
Quoting ahmedfouad77
{quote} Is there any hidden action by Bank of Canada pushing the currency down??
You got the Ivey PMI coming in under one hour. This might be triggering a bearish move for the pair. Sometimes the moves starts after such news. I am still anticipating a bearish move for the pair.

A bad entry for me, again the NFP spectacle prooved that there is no need to rush in a position before the event, might as well wait till the dust has settled.

I am holding the short, time will show what was the rigth thing to do.
Do not let the cost of being wrong, exceed the prize of beeing right
  • #9,963
  • May 6, 2016 8:27am May 6, 2016 8:27am
Quoting Ken A
{quote} No, CAD employment data was pretty bad {image}
But unemployment rate is 7.1% instead of 7.2%. This is cad positive.
When the going gets tough , the tough get going
  • #9,964
  • May 6, 2016 8:50am May 6, 2016 8:50am
Quoting Borowikbo
{quote} Chart update. Monthly technicals are starting to kick in. Target for this month is 1.2940. {image}
My target for USDCAD that I posted couple of days ago was hit today. I am testing my strategies for 1-2 months more on Demo and then will go live. I am actually surprised that Forex markets have very high correlation to the algorithms I use in my PhD work to predict the height of sea waves during stormy weather and the patterns of trend changes are also very similar that I see in waves when the storms either hit or recede.

I am planning to open small 100 USD accounts with Vipro Markets and ActivTrades.

Here is my chart from couple of days ago:
Attached Image (click to enlarge)
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  • #9,965
  • May 6, 2016 8:53am May 6, 2016 8:53am
I had a long that I closed when it reached 1.2940. I am waiting to see whether it will break above that resistance and if it does I will open new longs.
  • #9,966
  • May 6, 2016 2:34pm May 6, 2016 2:34pm
It's when you log on to Forex Factory curious to find out what's happening to someone in a bad position that you realize what a bad habit that it has become.
Gone to a better place
  • #9,967
  • May 6, 2016 2:47pm May 6, 2016 2:47pm
UCAD running into strongest week close for the last few month meaning more gains are very likely next week.
however a retracement is required and if validated, the below setup can be triggered.

I don't think that the rally has run it's course yet, so looking for longs still.

Looking @ AUD USD I'd say there is more weakness to transpire into next week, therefore UCAD bullish overall until the target is met.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 39 KB
  • #9,968
  • May 6, 2016 3:55pm May 6, 2016 3:55pm
Wow. USDCAD was sold heavily this week. Looks like it wants to break 1.20.
Number #1 in PnL and Pips on Dukascopy Trader Contest since 2011
  • #9,969
  • May 6, 2016 3:58pm May 6, 2016 3:58pm
Quoting rahulkghosh
Wow. USDCAD was sold heavily this week. Looks like it wants to break 1.20.
looks like your neurons are fucked up.

edit:
no offence, just for joke
  • #9,970
  • May 6, 2016 3:59pm May 6, 2016 3:59pm
Quoting tunera
{quote} looks like your neurons are fucked up. edit: no offence, just for joke
+++

I'm fed up with this deep shit. Put him back on the ignore list.

PS: no hard feelings
  • #9,971
  • May 6, 2016 4:07pm May 6, 2016 4:07pm
Quoting asgcorp
{quote} +++ I'm fed up with this deep shit. Put him back on the ignore list. PS: no hard feelings
ahah, i completely understand the emotional stress that he may be facing (he sold heavily usdcad from the bottom, and lost a bunch of money).

but.. saying that something that went up 400pips in a week "was sold heavily" is just weird.

looking the weekly chart, i see is very possible that usdcad will fall to 1.12/1.13 in the future, maybe in a few years (can be 2017 or 2018 or 2019, even 2016 end of year).

but.. we still have some unfinished business at 1.32/1.33, so.. no hurry.

he may be right in his bearish call if played on a long-term style, just need some patience.
  • #9,972
  • May 6, 2016 4:12pm May 6, 2016 4:12pm
you know what you are right bro.

that's what Rahul's gonna look like when his TP is hit
Attached Image
  • #9,973
  • May 6, 2016 4:17pm May 6, 2016 4:17pm
Quoting rahulkghosh
Wow. USDCAD was sold heavily this week. Looks like it wants to break 1.20.
IMO. Give UC a break on next Tuesday for couple of lower lows then when all EU, GU and Oil are ready, she will head up to the sky smoothly, no rush!
...
  • #9,974
  • May 6, 2016 4:55pm May 6, 2016 4:55pm
Quoting tunera
{quote} ahah, i completely understand the emotional stress that he may be facing (he sold heavily usdcad from the bottom, and lost a bunch of money). but.. saying that something that went up 400pips in a week "was sold heavily" is just weird. looking the weekly chart, i see is very possible that usdcad will fall to 1.12/1.13 in the future, maybe in a few years (can be 2017 or 2018 or 2019, even 2016 end of year). but.. we still have some unfinished business at 1.32/1.33, so.. no hurry. he may be right in his bearish call if played on a long-term...
Come one sir, don't be so harsh. Its a zero sum game so someone has to lose to make a win! I thank Rahul from the bottom of my heart for his kind generosity!
  • #9,975
  • May 6, 2016 4:58pm May 6, 2016 4:58pm
There is a fairly major event (non-scheduled) in Canada which might be affecting its economy and Oil exports. Fort MacMurray, the town which essentially supports all of the oil workers, has burnt to a crisp in a major wildfire. Many oil companies have ceased operations so that they can open up their work camps to evacuees. The feds and provinces are pouring money into the recovery. Hence, with CAD being a commodity driven currency, I expect to see some bearish CAD action in the days/weeks to come. But It may take time for things to sort out.

http://www.cbc.ca/news/business/fort...ists-1.3570061
  • #9,976
  • May 6, 2016 5:09pm May 6, 2016 5:09pm
Quoting mrhigurashi
{quote} Come one sir, don't be so harsh. Its a zero sum game so someone has to lose to make a win! I thank Rahul from the bottom of my heart for his kind generosity!
to me is always a sad thing to hear about losses.

of course nobody is pointing a gun to us and forcing us to take trades, and the moment we take a trade we know there is risk involved, so..
it's a part of game.

still i don't think that retail trades affect the market at all, all retails together are still like a drop in a ocean, so the zero sum game is not applicable to forex (you can apply it to penny stocks for example, but surely not on fx).

i always wish the best to everybody.
  • #9,977
  • May 6, 2016 5:16pm May 6, 2016 5:16pm
keep your shorts ready at 1.29880. The bearish movement on USDCAD may start a few pips up or down of this level.
Forex; the game of movements not the game of candles.
  • #9,978
  • May 6, 2016 5:21pm May 6, 2016 5:21pm
Quoting Stubborn
{quote} But unemployment rate is 7.1% instead of 7.2%. This is cad positive.
But its less than forecast. Although the difference not so big in all three figures. No decisive figures.
Forex; the game of movements not the game of candles.
  • #9,979
  • May 6, 2016 5:31pm May 6, 2016 5:31pm
Quoting tunera
{quote} to me is always a sad thing to hear about losses. of course nobody is pointing a gun to us and forcing us to take trades, and the moment we take a trade we know there is risk involved, so.. it's a part of game. still i don't think that retail trades affect the market at all, all retails together are still like a drop in a ocean, so the zero sum game is not applicable to forex (you can apply it to penny stocks for example, but surely not on fx). i always wish the best to everybody.
  • #9,980
  • May 6, 2016 5:32pm May 6, 2016 5:32pm
Quoting tunera
{quote} but.. saying that something that went up 400pips in a week "was sold heavily" is just weird.
As much as I know he is basically an anti-sentiment trader. By heavily oversold, he perhaps means that the general sentiment about USDCAD this week was bearish , this is why it went Bullish.
Forex; the game of movements not the game of candles.
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