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.
+1 Reply
realy good analysis congrat..
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.
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.
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"
mendrinvest samed.karsanbas
Thanks! I'll try to post more as time allows. Follow up post on USDCAD coming soon.
of course... bye bye
Whats that supposed to mean? haha
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