Australian (ASX) Stock Market Forum

USD/CAD Looney (1 Viewer)

Joined
Aug 28, 2008
Posts
94
Reactions
0
Re: USDCAD Looney

Good luck with the trade.

Personally I'm looking for a long to add to my position but standing aside with all this volatility.

I've already tried twice but have been stopped out after a good profit both times.
The ranges on this thing!:eek:

Good luck to you too. :)
 
Joined
Aug 28, 2008
Posts
94
Reactions
0
Re: USDCAD Looney

On 5 September I had shorted 10,000 USDCAD at 1.0654, stop level at 1.0785, target level at 1.0487.

USDCAD had moved in my favour to 1.0571, profit is up 83 pips, US$77.62.

Non-farm payrolls fell by -84k last month, driving the unemployment rate to a 5 yeer high of 6.1 percent. This signals that US economy is getting very near to recession stage. Weak US economic data may weaken USD temporary.

My system is still signal SELL for USDCAD.

I had removed my stop level at 1.0785 and set a 30 pips trailing stop instead.

Trailing stop ensures that some profit is secured in this trade. With trailing stop, my stop-loss order is adjusted continually based on fluctuations in the market price, always maintaining 30 pips above the market price.
 
Joined
Aug 28, 2008
Posts
94
Reactions
0
Re: USDCAD Looney

On 5 September I had shorted 10,000 USDCAD at 1.0654, stop level at 1.0785, target level at 1.0487.

USDCAD had moved in my favour to 1.0571, profit is up 83 pips, US$77.62.

Non-farm payrolls fell by -84k last month, driving the unemployment rate to a 5 yeer high of 6.1 percent. This signals that US economy is getting very near to recession stage. Weak US economic data may weaken USD temporary.

My system is still signal SELL for USDCAD.

I had removed my stop level at 1.0785 and set a 30 pips trailing stop instead.

Trailing stop ensures that some profit is secured in this trade. With trailing stop, my stop-loss order is adjusted continually based on fluctuations in the market price, always maintaining 30 pips above the market price.

Support level at 1.0550 creates a rebound for USDCAD, not taking any chance I decide to take profit first.

Bought back USDCAD at 1.0570, profit is up 84 pips, US$78.57.
 

Kauri

E/W Learner
Joined
Sep 3, 2005
Posts
3,428
Reactions
11
Re: USDCAD Looney

On 5 September I had shorted 10,000 USDCAD at 1.0654, stop level at 1.0785, target level at 1.0487.

USDCAD had moved in my favour to 1.0571, profit is up 83 pips, US$77.62.

Non-farm payrolls fell by -84k last month, driving the unemployment rate to a 5 yeer high of 6.1 percent. This signals that US economy is getting very near to recession stage. Weak US economic data may weaken USD temporary.

My system is still signal SELL for USDCAD.

I had removed my stop level at 1.0785 and set a 30 pips trailing stop instead.

Trailing stop ensures that some profit is secured in this trade. With trailing stop, my stop-loss order is adjusted continually based on fluctuations in the market price, always maintaining 30 pips above the market price.

looking at the charts now... well dun...

cute :rolleyes:

Beers
............kauri
 
Joined
Sep 23, 2008
Posts
6
Reactions
0
Kosai - Looney Short Position

Just found this thread and thought I may as well post my chart. Here's where I shorted the looney after it broke the multipivot line and tested it at the red circle. Stop is the red line and target is the green one. If volume gives me a decisive enough pattern I'll bail. I don't like trailing stops, I just let the market ride it out but my stop is at break even so that my risk is zero.
 

Attachments

  • Kosai - USDCAD Short.jpg
    Kosai - USDCAD Short.jpg
    61.2 KB · Views: 2
Joined
Sep 23, 2008
Posts
6
Reactions
0
Kosai - Short Looney View #2

I'll also include my Alan Andrews Pitchfork chart here. I use this for context along with a 40 period moving average on volume for a reference. Any oscillator will be giving a divergent signal here and those 3 distinctive spikes of the candle are often found on instruments that top. Note the massive volume too. On a weekly time frame it is setting up for a big move. Either way the area is likely to be tested again as multiple tests often occur before the market advances/declines.
 

Attachments

  • Kosai - USDCAD Short 2.jpg
    Kosai - USDCAD Short 2.jpg
    88.2 KB · Views: 3

BentRod

ZZZZzzzzZZZZzzzzzzzz
Joined
Dec 16, 2005
Posts
694
Reactions
0
Re: USDCAD Looney

USDCAD finally broke out to new highs.

I tried to get set for it but got stopped out mostly:(

Daily:
 

Attachments

  • loon.jpg
    loon.jpg
    38.8 KB · Views: 1

Stormin_Norman

Currency Trader
Joined
Jan 12, 2008
Posts
1,256
Reactions
0
Re: USDCAD Looney

luckily it bounced off that top and allowed the bunjip to get out of the long trade's itd been in since saturday morning.

it looks like pushing up again now.

bad housing data is what encouraged the rise.
 

>Apocalypto<

20.03.2012
Joined
Feb 2, 2007
Posts
2,233
Reactions
0
Re: Kosai - Short Looney View #2

I'll also include my Alan Andrews Pitchfork chart here. I use this for context along with a 40 period moving average on volume for a reference. Any oscillator will be giving a divergent signal here and those 3 distinctive spikes of the candle are often found on instruments that top. Note the massive volume too. On a weekly time frame it is setting up for a big move. Either way the area is likely to be tested again as multiple tests often occur before the market advances/declines.

hi Kosai,

I take it that chart is from MT4. Please don't get to warped up with volume displayed by your brokers, as it's inaccurate. Spot Forex has no central exchange so there is no real verified volume for the period your looking at.

Most of the times the Mt4 broker will display their liquidity providers volume and that's hardly accurate either.

if it's from the currency Futs then that's a different story.

Cheers
 
Joined
Feb 25, 2009
Posts
93
Reactions
0
Re: USDCAD Looney

short 1.14 stop 1.1480 target first time 1.06
I'll post my count lather
GL
 
Joined
Feb 25, 2009
Posts
93
Reactions
0
Re: USDCAD Looney

Thanks Cartman
I move stop on the by
need to break 1.2250 end then 1.11, next target 1.06
 

Attachments

  • cadh4.jpg
    cadh4.jpg
    45.5 KB · Views: 3

Glen48

Money can't buy Poverty
Joined
Sep 4, 2008
Posts
2,444
Reactions
0
Re: USDCAD Looney

I found a good web site Mataf.net they seem good so far????
 
Joined
Feb 21, 2014
Posts
167
Reactions
0
Re: USDCAD Looney

USD/CAD since 16.09.2012 was in strong and consistent Uptrend that buyers were successful in achieving the highest price level of 1.12242.The price has stopped from more ascend by reaching to the resistance edge of Up channel and a top price was created on the resistance line by the buyers retreat.Right now in daily and H4 time frames, the price is under 5-day moving average that shows the descending trend and warns about more descending.

according to the recent descend the Monthly candle in previous Month was appeared as Harami candlestick pattern that shows failure of buyers in reaching to the higher prices and formation of a bottom price in this range (closing of bearish candle).RSI indicator is in saturation buy area and confirms the current top price, also wars about formation of a top price.Generally until the mentioned top price on the resistance channel edge is preserved, the price has the potential for reformation and descending in this currency pair.
 

Attachments

  • usdcadweekly.png
    usdcadweekly.png
    25.2 KB · Views: 27
Joined
Feb 21, 2014
Posts
167
Reactions
0
USD/CAD during the recent Months was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 1.12770.The price has stopped from more ascend by reaching to the resistance edge of Up Channel and a top price was created on the resistance line by the buyers retreat. Right now the price level of 1.12770 is known as a peak price by closing of the descending candle.Right now price is under 5-day moving average in long term time frames such as Weekly and Daily that shows a consistent downtrend in this currency pair.
In the range of formed top price there are(Monthly Time Frame) Harami Pattern and Spining Top candlestick pattern that shows the possibility for formation of a successful top price in continuing descending trend.As it is obvious in the picture below, there is an AB=CD harmonic pattern between the bottom price of 0.96349 and the top price of 1.12770 with ideal ratios of 38.2 to 224.2 that warns about descending of price from the D point of this pattern.RSI indicator in weekly time frame is in saturation buy area that confirms the current top price and warns about changing price direction.According to the current situation there is not any clear reason about ascending of price in long term time frames. The least sign for ascending of price is formation of a bottom price and recording of it in daily time frame.
 
Joined
Feb 21, 2014
Posts
167
Reactions
0
As it was mentioned in the previous technical analysis of USD/CAD pair dated 2014.04.07, according to the formed technical signs, there was the potential for descending of price which finally happened. As it is obvious in the picture below, price during the descending has touched the Up trendline (made of 2 bottom prices) has created the inverted hammer candlestick pattern. Closing of the bullish candle after this pattern will confirm it and warns about ascending of price. In daily time frame and weekly Stoch indicator is in saturation sell area and with the next cycle warns about the ascending of price from the bottom price of 1.08358.The first warning for ascending of price is breaking of the resistance level ( or the yesterday highest price change) 1.08743.Generally according to the current situation of the price chart in daily time frame until the third point of Up trend line is preserved, the price will have the potential to ascend and pass the mentioned bottom price.

Technical Analysis of USD/CAD dated 2014.06.17

1210747_djgm_240628.jpg
 

Users who are viewing this thread

Top