Let the knocked boy stand up!

FX:USDCAD   U.S. Dollar / Canadian Dollar
223 3 6
- Bullish Ichimoku , but Price action gone wild a bit. Market has become overbought and needs consolidation/pull back to equilibrium.
- Heikin-Ashi warning signal for bulls! Market is losing a bit of its momentum -> see haDelta negative divergence
- EWO             is relatively too high.
( -not shown on the chart, but Slow Stochastic is about to make a bearish cross too)

Price can retrace to 1,3550+ or maybe even to 1,34 area.

- Ichimoku setup is still bullish , with major supports at 1,3650 and 1,3550
- Heikin-Ashi price action shows start of correction. First dip to tgt             1,3650. Then gvn EWO             , one more spike is possible, where we'll have to check if the pair makes a higher high. Without higher high next leg down could tgt             1,3550 or maybe even lower levels.

Strategy: Exit longs, get ready to enter small (max 0,5 unit) swing short position.
you don't think the potential rate hike tomorrow could give the USD a boost, thus pushing this pair higher?? I'm long and so obviously have a bias... Also currently in a loosing trade, the psychological pressure is making me hold on to it even though it is currently loosing 42 pips...
Kumowizard RJHumphries
temporary it can see one more knee jerk buying. but this rate hike (+50 bps more during 2016) is already priced in! Market has been trading divergent monetary policy for more than 1,5 years now. So I assume everything is known by everybody. I think USD will weaken after FED. Especially if they deliver the "dovish hike"... Oh my God how much I hate that idiot who invented this expression hahahaha how the fck can a hike be dovish???? Anyway, this means mkt expects them to hike but than talj less hawkish, more dovish.

Second thing... which should be in fact THE FIRST TO ASK: what the fck are you talking about when you say psychological pressure making u to hold a losing position???? Are you committing financial suicide???? Trading 101: you must plan, manage and know your risk! You must trade proper risk/reard setups, and ALWAYS USE STOPS!!! Otherwise you will very quickly blow up your account... and I will lose one follower, which I'd hate!

So read the basic principles about trading, money- and risk management, etc! Do not trade until you have a proper system with hard rules!
RJHumphries Kumowizard
Hey, you are so right. I don't want to blow my account, though it's pretty much already been blown! Some lessons you can only learn the hard way.
The position in question (buy at 1.3727) did have a stop (1.3650) and it was quickly approaching it. I had allowed myself more risk than I should have done and when it came to it I figure I panicked a little. In the end the stop wasn't hit but then I panicked again when it moved to break even and closed the position. If I'd let it roll I'd now be up 30 pips or so.
I'm learning by using very small sums which I think is definitely the best way, a demo account is good but real money despite the tiny quantities involved somehow feels more solid.
Trading View is an amazing platform for learning on and folks like you Mr Wizard really hold it together, thanks!!
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