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  • #11,321
  • May 4, 2017 10:46am May 4, 2017 10:46am
My 5 mins live view

https://charts.mql5.com/14/924/usdca...point-of-3.png
  • #11,322
  • May 4, 2017 1:39pm May 4, 2017 1:39pm
This is the thing I hate about forex. It's all rigged. USD / CAD overbought all week and it continues higher. This is crazy and makes no sense. I guess that's how the market makers like it huh ?
  • #11,323
  • May 4, 2017 2:35pm May 4, 2017 2:35pm
eCOBB22 , patience. Have been caught in many overbought conditions over the years. Hard learned lessons. I feel your pain , but , oil and USD/CAD price action this week is supporting a move even higher. I posted that we would be at 131.00 on this pair due to Memorial Day Weekend in the US. Typically , every year , oil spikes. Not the case thus far. Finally , maybe , just maybe , the US is manipulating OUR CANADIAN LOONIE !!!! The US can kill us economically by doing this.

Sincerely ,
GreenEarth
"Define the risk OUT of your trade"--Mark Douglas
  • #11,324
  • May 4, 2017 6:38pm May 4, 2017 6:38pm
Quoting narafa
{quote} There is a housing bubble in Canada which is on the verge of bursting. One mortgage lender has almost collapsed and it's only a matter of time until a bailout is engineered or a bankruptcy is filed. This is just the beginning or the tip of the iceberg. That's what's weighting on the CAD now and pushing it down as you can see. So all of this is for fundamental drivers behind the current move & potentially future moves as well. Oil in the coming period will have a marginal effect on CAD as all eyes will be on the housing & real estate problems....
Great information to take into strong consideration!
  • #11,325
  • May 5, 2017 7:54am May 5, 2017 7:54am
Anyone think the usd / cad trend will change to sell next week?
  • #11,326
  • May 5, 2017 8:12am May 5, 2017 8:12am
Quoting eCOBB22
Anyone think the usd / cad trend will change to sell next week?
Do you mean the daily, weekly or hourly? But if I were you I would not trade it either way.
Gone to a better place
  • #11,327
  • May 5, 2017 8:17am May 5, 2017 8:17am
Quoting smikester
{quote} Do you mean the daily, weekly or hourly? But if I were you I would not trade it either way.
Wondering if anyone thinks it will push higher than 1.37900. I would not be trading this but I took a sell at what was the high of the week 1.375 saw it range and even move down to 1.37 for the past 3 days then yesterday despite being overbought on Daily and 4hr it was pushed up to 1.379 now I'm stuck at 1.375 and don't want to close with a loss when I was up 500 points. Gotta learn to take profit better but I'm always going for those big trends. It's killing my account.
  • #11,328
  • May 5, 2017 8:20am May 5, 2017 8:20am
1.368 by the end of next week would be great but doesn't seem like this market moves with any type of predictably. If any profitable traders out there have advice I'm all ears
  • #11,329
  • May 5, 2017 8:22am May 5, 2017 8:22am
Quoting eCOBB22
{quote} Wondering if anyone thinks it will push higher than 1.37900. I would not be trading this but I took a sell at what was the high of the week 1.375 saw it range and even move down to 1.37 for the past 3 days then yesterday despite being overbought on Daily and 4hr it was pushed up to 1.379 now I'm stuck at 1.375 and don't want to close with a loss when I was up 500 points. Gotta learn to take profit better but I'm always going for those big trends. It's killing my account.
My suggestion would be is try to take a little profit from your trades every day. It is good psychologically. It also builds your purchasing power and allows you to stay in trades that you are convinced are headed your way. Best of luck.
  • #11,330
  • May 5, 2017 8:39am May 5, 2017 8:39am
Quoting eCOBB22
1.368 by the end of next week would be great but doesn't seem like this market moves with any type of predictably. If any profitable traders out there have advice I'm all ears
I don't get into bad positions like I used to. I'll tell you what will happen if you leave all your shorts alone. If the trend changes before you get a margin call you will make this mistake again and probably lose your account. If it doesn't, you will get an expensive lesson. I always close bad trades if I'm wrong and frequently cry into my keyboard. But my capital is my most important tool.

Sometimes, in an up trend like this, massive positions are closed or destroyed and the price shoots up, taking accounts and margin calls with it. It's sometimes called an exhaustion spike. So there is plenty of room to the upside. On the other hand, in spite of the good NFP numbers today, it might turn, now or next week. I don't know.
Gone to a better place
  • #11,331
  • May 5, 2017 8:45am May 5, 2017 8:45am
Quoting smikester
{quote} I don't get into bad positions like I used to. I'll tell you what will happen if you leave all your shorts alone. If the trend changes before you get a margin call you will make this mistake again and probably lose your account. If it doesn't, you will get an expensive lesson. I always close bad trades if I'm wrong and frequently cry into my keyboard. But my capital is my most important tool. Sometimes, in an up trend like this, massive positions are closed or destroyed and the price shoots up, taking accounts and margin calls with it....
thanks for the words. I guess no one really knows. I'm going to hold this short and just set SL at like 1.38. Let's see if it will reach it. Doubtful but again I guess no one really knows besides the Market Makers.
  • #11,332
  • May 5, 2017 8:58am May 5, 2017 8:58am
pull back expected from here due to overbought condition but my target is 1.40
Attached Image (click to enlarge)
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Don't Worry Be Happy
  • #11,333
  • May 5, 2017 9:08am May 5, 2017 9:08am
Quoting MrPresident
pull back expected from here due to overbought condition but my target is 1.40 {image}
Christmas came early lol gl with your target
  • #11,334
  • May 5, 2017 9:13am May 5, 2017 9:13am
Quoting eCOBB22
{quote} Christmas came early lol gl with your target
yea, nothing positive in Canada at the moment and we can expect to see 1.40 in the near term
Don't Worry Be Happy
  • #11,335
  • May 5, 2017 9:20am May 5, 2017 9:20am
Quoting MrPresident
{quote} yea, nothing positive in Canada at the moment and we can expect to see 1.40 in the near term
Don't blow up your account
  • #11,336
  • May 5, 2017 9:23am May 5, 2017 9:23am
Looks like you got lucky. I'm seeing weaker longs being closed just now. I'm pretty sure there will be a buy level soon...
Gone to a better place
  • #11,337
  • May 5, 2017 9:24am May 5, 2017 9:24am
1.40
lol
  • #11,338
  • May 5, 2017 9:26am May 5, 2017 9:26am
Quoting eCOBB22
{quote} Don't blow up your account
i won't and i love my account
Don't Worry Be Happy
  • #11,339
  • May 5, 2017 9:27am May 5, 2017 9:27am
Quoting smikester
Looks like you got lucky. I'm seeing weaker longs being closed just now. I'm pretty sure there will be a buy level soon...
I'll take it however I can get it. I've been expecting this drop for 3 days now but if u wanna call it lucky sure
  • #11,340
  • May 5, 2017 9:28am May 5, 2017 9:28am
Quoting Sedate
1.40 lol
yea, whats wrong with that target? what is your estimate for the near future?
Don't Worry Be Happy
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