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  • #10,461
  • Edited 10:36pm Aug 11, 2016 2:11pm | Edited 10:36pm
It could be false break. But consider lots of SL's at 1.28. That where the money is.
  • #10,462
  • Aug 11, 2016 2:37pm Aug 11, 2016 2:37pm
Quoting baherhosni
{quote} ...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!!!
Many of us need to be weaned from the delusive idea that a trader must always win and should avoid suffering losses. The business is about winning some and losing some; the nub is consistent efficiency and sustainable profitability in the trader's trading business/career. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #10,463
  • Aug 11, 2016 2:44pm Aug 11, 2016 2:44pm
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  • #10,464
  • Aug 11, 2016 3:39pm Aug 11, 2016 3:39pm
Quoting MarkoTrd
{image}

Good luck my friend.. I hope its just a false BO for your sake!

That way I will go long too
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #10,465
  • Aug 11, 2016 4:47pm Aug 11, 2016 4:47pm
mkt can have trends/ Bo's / ranges / you can see them all only in the past // they all have tops and bottoms ,,, trade them
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  • #10,466
  • Aug 11, 2016 6:51pm Aug 11, 2016 6:51pm
The USDCAD breaks below the 1.3000 level and it may continue dropping towards the 1.2900, which could act as support.
  • #10,467
  • Aug 12, 2016 2:22am Aug 12, 2016 2:22am
I have to a decision to make now. Whether or not to close my long UC @ 130.80. I doubt it is bullish now. I do pretty well on other trades especially UJ. So, that's not bad.

I think if 1.28 is broken, we could see all the way down to 1.25. I wouldn't want to be in that situation.
  • #10,468
  • Aug 12, 2016 2:29am Aug 12, 2016 2:29am
Quoting frx_trader
I have to a decision to make now. Whether or not to close my long UC @ 130.80. I doubt it is bullish now. I do pretty well on other trades especially UJ. So, that's not bad. I think if 1.28 is broken, we could see all the way down to 1.25. I wouldn't want to be in that situation.
I am over leveraged and holding from 130.4.

IMO, this is about oil price surge, nothing less, nothing more. I think UCAD has held up well considering a 5% move in oil in the past 24 hour period.

129.6 holding as support but dicey for sure. US red data in 5 hours could be the catalyst that breaks the camels back but I am holding into next week. If oil prices continue to strengthen next week I may have to pull a "Geppy" and close up shop on this trade

I believe oil would have to get back to 48-50 for UCAD to get back to 125. I am a technical chartist first but in this case I truly believe oil price is the driving force.
Pride always comes before destruction.... -Proverbs 16:18
  • #10,469
  • Aug 12, 2016 2:34am Aug 12, 2016 2:34am
what do you think of this? to take s short-term short band. anybody who can tell me how i can start a new my own spread? thanks
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  • #10,470
  • Aug 12, 2016 2:36am Aug 12, 2016 2:36am
Quoting Expo33
{quote} I am over leveraged and holding from 130.4. IMO, this is about oil price surge, nothing less, nothing more. I think UCAD has held up well considering a 5% move in oil in the past 24 hour period. 129.6 holding as support but dicey for sure. US red data in 5 hours could be the catalyst that breaks the camels back but I am holding into next week. If oil prices continue to strengthen next week I may have to pull a "Geppy" and close up shop on this trade
Thanks. I am afraid to see lots of sellers at this point. All are eager to push the price down towards 1.28. It will be a nightmare.
  • #10,471
  • Aug 12, 2016 2:40am Aug 12, 2016 2:40am
Quoting frx_trader
{quote} Thanks. I am afraid to see lots of sellers at this point. All are eager to push the price down towards 1.28. It will be a nightmare.
Hi, m8! We are small retail traders and cannot push the price either way, so no need to fear the direction of most traders on FF. However, the USDCAD is largely in a bearish mood atm. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #10,472
  • Aug 12, 2016 3:40am Aug 12, 2016 3:40am
todays little buy zone making some brave attempts / chaep scalps, faster buys than sells, may even bag a runner if old long start bailing
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  • #10,473
  • Aug 12, 2016 4:37am Aug 12, 2016 4:37am
I have a short-term long position with target 1.2990. Even if it retraces now the move to the downside isn't over, I think.
  • #10,474
  • Aug 12, 2016 5:38am Aug 12, 2016 5:38am
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  • #10,475
  • Aug 12, 2016 6:05am Aug 12, 2016 6:05am
Quoting KeenPips
{quote} Many of us need to be weaned from the delusive idea that a trader must always win and should avoid suffering losses. The business is about winning some and losing some; the nub is consistent efficiency and sustainable profitability in the trader's trading business/career. Trade safe. KP
many do not have enough patience and plans. they trade according to their feelings but most feelings are unreliable. I see some reply and i know there are still few people could profit. the law never change
  • #10,476
  • Aug 12, 2016 6:29am Aug 12, 2016 6:29am
why do you all focus on to buy or sell at here???
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  • #10,477
  • Aug 12, 2016 9:59am Aug 12, 2016 9:59am
too many traders on long usdcad as it keeps going down
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Drawdown is more important than Account Size !
  • #10,478
  • Aug 12, 2016 3:05pm Aug 12, 2016 3:05pm
I hope USDCAD will recover next week I will leave my positions open through the weekend. Currently negative
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Drawdown is more important than Account Size !
  • #10,479
  • Edited Aug 13, 2016 2:08am Aug 12, 2016 4:45pm | Edited Aug 13, 2016 2:08am
Quoting procrude
I hope USDCAD will recover next week I will leave my positions open through the weekend. Currently negative {image} {image}
Also holding and adding. All US red data comes in worse than expected. Oil surging again today, up nearly 8% in the last two days, and yet UCAD has held support at 129.5. That speaks for itself.

Is market moving money waiting to push this down to 128 next week or waiting for a bounce thru 130 to start pushing this bear into his cave for the next couple of weeks? Time will tell. A fair amount of data next week. Friday features Canadian CPI and retail sales print, both not expected to be anything too encouraging. Maybe oil cools off a bit as well, a potential catalyst and 1-2 punch to get the bull camp rolling.

Either way, I am doing what all good traders do. Keep adding to an over leveraged losing revenge trade, then put some lipstick on that pig it and marry it. Then delude yourself by rationalizing 24/7 so you can convince yourself that your beloved pig will become a beautiful princess.

Cheers all , have a good weekend
Pride always comes before destruction.... -Proverbs 16:18
  • #10,480
  • Aug 12, 2016 5:45pm Aug 12, 2016 5:45pm
Quoting Expo33
{quote} Also holding and adding. All US red data comes in worse than expected. Oil surging again today, up nearly 8% in the last two days, and yet UCAD has held support at 129.5. That speaks for itself. Is market moving money waiting to push this down to 128 next week or waiting for a bounce thru 130 to start pushing this bear into his cave for next couple of weeks? Time will tell. A fair amount of data next week. Friday features Canadian CPI and retail sales print, both not expected to be anything too encouraging. Maybe oil cools off a bit as well,...
lol great comment
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