mendrinvest
Long

Loonie looking bullish...

FX:USDCAD   U.S. Dollar/Canadian Dollar
I am tempted to buy blindly in this area with a tight stop, however a more conservative approach will be to wait for price confirmation. This is a buyers area and also a .618 confluence.
would make more sense to buy at 1.0820 and not at 1.0920. that is probably the point of least probability in my opinion.
+1 Reply
mendrinvest jamessnow
If 1.0820 breaks to the downside were looking at a potential trend change, so yes by definition, that area does provide a higher probability for a bounce. However in the 920 area, we have a lot of confluences that you just cant ignore, it provides a nice R/R. The plan is to buy in this area with a tight stop. A break downwards will trigger the 820 area next, there are 100 pips separating the two.
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realy good analysis congrat..
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It's a the critical juncture I'd say. The chart shows a pretty well defined H&S suggesting a short BUT... :-)
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Yes, my position was stopped out at break even, took some profit at first target. Playing a breakout to the downside is doable as well.
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Looking at this chart with hindsight, you can see that the false break of the H&S was enough to trap retail shorts, thus creating the momentum needed for some serious long covering.
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i been watching all analysis almost over 1 month. and i havent seen any guys has catched %100 4 time succesful trade like ur analysis. i realy want to say to you "CONGARTS"
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mendrinvest samed.karsanbas
Thanks! I'll try to post more as time allows. Follow up post on USDCAD coming soon.
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of course... bye bye
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Whats that supposed to mean? haha
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