USD / CAD
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guilhermecarva
Active Member
On a Monthly Chart-Level Stop Loss... yes. Though Monthly charts really need a run of COT Data with them.
Considering the hard Trend in the USD and current CAD weakness, it's probably wise to keep looking long until such time as the pair breaks down.
Granted, they could also make a run at the High itself, given it's coming off a retrace down at the bottom.
Edit: By "Monthly Chart-Level Stop Loss", I'm talking about 1000+ pips. But, while it's an area to expect a bounce, without COT Data backing it up, I really wouldn't want to take it. I could see those highs being taken first, at least on the Price action.
Actually, looking at the Chart more, given the way everything is broken to the Upside, I'd expect the High to get taken. That might be the upside of it, though. On this level, Fundamental drivers have a big, big play, and, frankly, the CAD is going to be under assault due to Oil dropping. I wouldn't look to get Short for a while, unless the COT Data is flashing Red Lights for a reversal.
Considering the hard Trend in the USD and current CAD weakness, it's probably wise to keep looking long until such time as the pair breaks down.
Granted, they could also make a run at the High itself, given it's coming off a retrace down at the bottom.
Edit: By "Monthly Chart-Level Stop Loss", I'm talking about 1000+ pips. But, while it's an area to expect a bounce, without COT Data backing it up, I really wouldn't want to take it. I could see those highs being taken first, at least on the Price action.
Actually, looking at the Chart more, given the way everything is broken to the Upside, I'd expect the High to get taken. That might be the upside of it, though. On this level, Fundamental drivers have a big, big play, and, frankly, the CAD is going to be under assault due to Oil dropping. I wouldn't look to get Short for a while, unless the COT Data is flashing Red Lights for a reversal.
Decoherence
Well-Known Member
I agree with Sqa. We had some consolidation until from Jan 13th - 20th , but the trend is still strongly upwards. I would pay attention closer to the hourly and daily charts for entries. There could definitely be some decent replacements, but maybe not enough to show up on the monthly charts. But yeah, Canada is going to feel the effects of oil prices for some time yet I think.
disclaimer: I am a total noob
edit2: Look what happened 4 hours ago on the USD/CAD. Good thing you weren't short on that monthly chart
disclaimer: I am a total noob
edit2: Look what happened 4 hours ago on the USD/CAD. Good thing you weren't short on that monthly chart
Decoherence
Well-Known Member
On that note, holy fucking shit, if I had of been trading long term with a wider stop on my analysis of this pair I could have netted 880 pips. Not like it was rocket science for this pair as the fundamentals are so strong but still.
Fuck scalping until like 5 years from now and my intra-day/swing trades are solid.
Fuck scalping until like 5 years from now and my intra-day/swing trades are solid.
guilhermecarva
Active Member
Yeah I wouldn´t enter a sell there looking only to a monthly chart. It was just to understand the criteria. That period from 2008 we had too much indecision. Tomorrow for sure we will see what is going to happen. No trades for me till next week for sure. Thanks guys !!!!!!
Decoherence said:
Scalping is very hard, especially considering spreads and fees rack up the most on small wins vs small loss scalps.
Don't get me wrong, I personally am a scalper for the most part, but I always recommend traders start with higher time frames. More time to consider, think, work out a trade, less fee/spread impact, less noise..etc.. always good.
As for USD/CAD, after today's rate cut I'm not interested in shorts anytime soon. That doesn't mean there isn't good short setups using other methods, but I'd be very picky.
[Edit: yay 1000 posts!
]Downward content for the USD against the "Loonie", which stores the session at 0.53% decline.
The short-term scenario of the US dollar against the Canadian dollar showed a decline of courses towards 1.3159 area first area of resistance seen at 1.3374. Expectations are for an expansion of the negative phase to support seen at 1.3088.
The short-term scenario of the US dollar against the Canadian dollar showed a decline of courses towards 1.3159 area first area of resistance seen at 1.3374. Expectations are for an expansion of the negative phase to support seen at 1.3088.
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helly said:Downward content for the USD against the "Loonie", which stores the session at 0.53% decline.
The short-term scenario of the US dollar against the Canadian dollar showed a decline of courses towards 1.3159 area first area of resistance seen at 1.3374. Expectations are for an expansion of the negative phase to support seen at 1.3088.
and so what was your trade exactly?
