nahidik

USDCAD Old habits may be hard to quit

FX:USDCAD   U.S. Dollar / Canadian Dollar
193 2 11
Technically speaking I see this as a short setup. Impulse down correction up another impulse down. Right? Why is there something in the back of my head saying not so fast. If you have a singular myopic view of patterns that is what you see. Not saying it won't go down but I am saying look at the past it may help predict the future.
In a nutshell I would look to short this only once it has proven to me it wasn't going to get my money in just to reverse back up. I would look for some very strong signals up and maybe take a trade up to the 1.325 - 1.335 area.
For a short I would like to see a strong 1 hour break below the tl and a bearish flag . I would sell short on the break of the flag.

Please educate yourself and create your own trade plan. Be responsible for your trading decisions. Use other's ideas to validate you own. Know your limit, trade with in it.

I welcome all comments regarding my ideas good bad or indifferent. Even if you just want to get on my nerves. Remember "nobody can hurt me without my permission". Mahatma Gandhi
permission not granted.
Comment: Bad news from the US employment figures gave this a great push down. We may be looking for a buy opportunity when the dust settles. Stay tuned!
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Very nice analysis!
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