arigoldman
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Waiting to enter short somewhere around 1.33.
Will Duxon
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I like to use envelopes based on historical data to show me the trend and give my an idea of when to enter and exit positions.
Based on the narrow envelope I might have entered at either of the first two circles at the bottom of the envelope, but given that I have a "fearful trader" approach to buying and selling, I'd like to think I would have hopefully exited at the third circle near the top of the envelope.
Ideally however, to be extra safe, I'd look to enter a long position near the bottom of the wide (red) envelope (which is what I actually did) and then take profit when price once again makes contact with the top of the narrow envelope (since I am far too fearful to wait for it to manage its way to the top of the wide red envelope).
Will Duxon
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If there is a breakout to the downside, it will take me totally by surprise.
In fact, I saw this as a nice level for entering a long position and hope to exit somewhere around 1.3276, though I have to admit, at 15:18 GMT, I'm 16 pips in the hole.
In fact, I saw this as a nice level for entering a long position and hope to exit somewhere around 1.3276, though I have to admit, at 15:18 GMT, I'm 16 pips in the hole.
Will Duxon
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marketwizard123
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Was going to take a look at this but to be honest it doesn't seem like it is that exciting now, chart is going nowhere at the moment: http://goo.gl/5pBXau maybe i missed the fun already?
USD/CAD rebounded from 1.3184 after forming a spinning top and a inverted hammer bar at that support. Right now the pair is testing the resistance at 1.3205 and I think that if it breaks out above that level it will reach the next resistance at 1.3240.
Will Duxon
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Thankfully I was able to recoup most of my losses by scalping the pair here and there after it hit bottom yesterday—before it initiated the next leg down.
I'm actually bucking the trend right now and am in a long position, hoping to pick up five more pips, totally due to the fact that my one-hour chart suggests to me that the pair reached what I call a statistical bottom two hours ago.
However, I broke my cardinal rule of waiting to trade with the trend in the process, so this decision might come back to bite me.
I'm actually bucking the trend right now and am in a long position, hoping to pick up five more pips, totally due to the fact that my one-hour chart suggests to me that the pair reached what I call a statistical bottom two hours ago.
However, I broke my cardinal rule of waiting to trade with the trend in the process, so this decision might come back to bite me.
Will Duxon
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It did come back to bite me.
However, in examining what I did I believe it helped me tweak my one-minute charts in such a way as to very much facilitate my making extremely precise entries and exits, which I'm looking forward to trying out this week, so I'm happy.
arigoldman
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Bearish on this for the long term.
Will Duxon
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I overlooked the inclusion of 4-hour charts in my analyses yesterday, which is why my tables had an extra row at the bottom. So what did they say?
According to my 4-hour USDCAD chart, this pair has quickly turned very bearish, which did me some harm, but taught me something about using one-minute charts that has turned out rather well.
Anyway, I will consider selling this pair anywhere above 1.3176
According to my 4-hour USDCAD chart, this pair has quickly turned very bearish, which did me some harm, but taught me something about using one-minute charts that has turned out rather well.
Anyway, I will consider selling this pair anywhere above 1.3176
But this is grinding higher, and taking EMAs with it.
Still, I will have to stay Neutral for at least this week plus another 2 bullish weeks before possibly turning Bullish.
Will Duxon
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I sold this pair this morning when it was up around 1.3124 and will probably sell it again if it repeats that kind of behavior.
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I regretted cancelling this sell order this morning because it fell to TP of 110pips and barely went against entry.
