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USD/CAD

  • #10,441
  • Aug 11, 2016 8:36am Aug 11, 2016 8:36am
big decision area right here I think. sitting right at lower trendline on daily. WTI is at a triple top on the 30 mins. CAD breaks down here, could be the fall some of you are hoping for...but I am expecting a bounce, though there did seem to be some real strength behind that down move likely due to oils gas reserve news today that spiked WTI. GL all!
  • #10,442
  • Aug 11, 2016 8:40am Aug 11, 2016 8:40am
Quoting bladerogers
big decision area right here I think. sitting right at lower trendline on daily. WTI is at a triple top on the 30 mins. CAD breaks down here, could be the fall some of you are hoping for...but I am expecting a bounce, though there did seem to be some real strength behind that down move likely due to oils gas reserve news today that spiked WTI. GL all!

lets see. 1.30000 has always been a good area for a bounce.
  • #10,443
  • Aug 11, 2016 8:40am Aug 11, 2016 8:40am
USDCAD is largely in a bearish mode.

KP
Do your homework, follow the footprints of smart money
  • #10,444
  • Aug 11, 2016 8:46am Aug 11, 2016 8:46am
that is a beautifully periodic whipsaw
  • #10,445
  • Aug 11, 2016 9:08am Aug 11, 2016 9:08am
Quoting KeenPips
USDCAD is largely in a bearish mode. KP
I disagree. On all charts lower then daily, sure. but looking at daily and up, I see bulls moving forward. Good luck all.
  • #10,446
  • Aug 11, 2016 9:12am Aug 11, 2016 9:12am
Quoting bladerogers
{quote} I disagree. On all charts lower then daily, sure. but looking at daily and up, I see bulls moving forward. Good luck all.
that said, I might be agreeing with you shortly
  • #10,447
  • Aug 11, 2016 9:15am Aug 11, 2016 9:15am
Yesterdays 1.30 bounce (unlike the last 3) did not clear the fair price (yellow line ) been shorting it all the way down from there today, not looking to buy it unitl maybe 1.2950
Attached Image (click to enlarge)
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  • #10,448
  • Aug 11, 2016 9:16am Aug 11, 2016 9:16am
Quoting bladerogers
{quote} that said, I might be agreeing with you shortly
Your call, M8! Monthly, weekly, daily, and 4 H tfs show southward mode. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #10,449
  • Aug 11, 2016 9:24am Aug 11, 2016 9:24am
Weak reaction on the 1.30 handle this time round, same with oil at 43.3x.
  • #10,450
  • Aug 11, 2016 9:27am Aug 11, 2016 9:27am
into adr and buy zone, closed here
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  • #10,451
  • Aug 11, 2016 9:35am Aug 11, 2016 9:35am
hello. will you take a short position?
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  • #10,452
  • Aug 11, 2016 9:37am Aug 11, 2016 9:37am
she came back into the area to give me a little buy so i pay to see
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  • #10,453
  • Aug 11, 2016 9:45am Aug 11, 2016 9:45am
Quoting TraderScofie
hello. will you take a short position?{image}
Personally i'd say that's just the bottom of another down correct. Although the trend independent of the fluctuations may be shifting.
  • #10,454
  • Edited 10:09am Aug 11, 2016 9:55am | Edited 10:09am
Quoting TraderScofie
hello. will you take a short position?{image}
i'm personally waiting to see if there's a pullback to get in short. it looks to me though that the downtrend started back in january might be starting up again

edit: also the adr is 120 (10 days) and today we are at 116 so the move is probably exhausted i would guess
  • #10,455
  • Aug 11, 2016 10:08am Aug 11, 2016 10:08am
So funny to see how SOOOO MANY people were long term longs this pair. Defying the most simplistic price analysis. I have even seen "essays" on why its going up. Well, i surely hope they are getting the shit rocked out of them right now.
The coincidental success is more dangerous than the expected failure
  • #10,456
  • Aug 11, 2016 10:14am Aug 11, 2016 10:14am
Quoting Neqrotik
So funny to see how SOOOO MANY people were long term longs this pair. I have even seen "essays" on why its going up. Well, i surely hope they are getting the shit rocked out of them right now.


Quoting KeenPips
Your call, M8! Monthly, weekly, daily, and 4 H tfs show southward mode. Trade safe. KP.
Do your homework, follow the footprints of smart money
  • #10,457
  • Aug 11, 2016 11:00am Aug 11, 2016 11:00am
Yes. Agreed.
The coincidental success is more dangerous than the expected failure
  • #10,458
  • Aug 11, 2016 11:03am Aug 11, 2016 11:03am
Quoting Neqrotik
So funny to see how SOOOO MANY people were long term longs this pair. Defying the most simplistic price analysis. I have even seen "essays" on why its going up. Well, i surely hope they are getting the shit rocked out of them right now.
Isn't it the job of a trader to react to what they see in front of them?
  • #10,459
  • Aug 11, 2016 11:10am Aug 11, 2016 11:10am
Quoting fxtrader18
{quote} Isn't it the job of a trader to react to what they see in front of them?
Imho, no! The trader is to analyse what is front of him/her and make a decision based on some carefully chosen criteria/conditions and specified rules. Trade safe

KP
Do your homework, follow the footprints of smart money
  • #10,460
  • Aug 11, 2016 11:59am Aug 11, 2016 11:59am
Quoting TraderScofie
hello. will you take a short position?{image}

Technically "only" (I don't want to get into what seems to be a bull/bear struggle), I would wait for the confirmation signal between 3015 and 3060 when it comes back for the retest.. Otherwise its a false breakout!

Simply said..

And from a Forex trading tech analysis point of view, there was nothing wrong with attempting a long at that point.. I took it and I closed it in the red! So what? Just one of the losses.. You need to be right 55% only of the time if your R:R is 1:1 to make a profit!!!
I still need a trading break soon!!! "Loose some to win more" --Baher A.
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