NickCoulby
Short

AUDCAD testing strong long term resistance

FX:AUDCAD   Australian Dollar/Canadian Dollar
86 12 5
Analysis on chart.. weight of evidence suggests lower prices
Big move down, nice.
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..
look for weakness to add short
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IvanLabrie PRO moorekapital
Most likely a short term push up first.
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moorekapital moorekapital
I Short this thing with two bullets: (1) @ 94384 -and other- (2) @ 95108. REASON = Trend is still down. I think that this market should continue lower despite the fact that the situation seems a deadlock. CAD looks getting beaten by USD, due to the oil Factor. AUD showed some strength against USD last week, but still remains in a down trend( Down TL was broken last week) but I'm yet to see a realistic buying pressure(fewer bars and less convincing follow through) to make me go long further from here. CONCLUSION = AUDCAD IS RANGE BOUND.
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IvanLabrie PRO moorekapital
Agreed, I posted my idea on trading the permanent range bound situation using ucs-snapback/bollinger/cci/rgmov/EMA 66 and 253...trade extremes and go for mean reversion, and/or trading the time at mode signal expiration/target hit.
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Looks like a serious short, unless it breaks above all that weight.
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IvanLabrie PRO IvanLabrie
Ergo, #1 short, sl above mode, #2 hedge with a long at SL.
Win-win.
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IvanLabrie PRO IvanLabrie
Oh, and get some nachos and molten cheddar and a beer to go with it.
+2 Reply
moorekapital IvanLabrie
Speaking of which, I'm currently enjoying some extra cold beer, 'castle lite', a South African delicacy. Go to http://www.castlelite.co.za/ to learn more about how this beer was made from our brewery to your hand ;)
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