timwest

USDCAD anticipating a move up

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
627 views
This is just my guess. It looks like there is a low-risk trade where the USD is lifting from very oversold and it has moved out of a small trading range where it has built a level of consolidation.

I like how the stochastics have turned.

The risk is low and the upside is large AND the reversal trade looks good too if this doesn't work. Stop for the reversal would be 1 ATR (not 3).

Cheers,

Technical Tim 2:00PM EST , Tuesday Sep 25, 2012
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Comments

USDCAD has had a very nice move up after touching the key support level marked on the chart. Did anyone catch this move? I hope so.
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timwest timwest
I'd suggest exiting if anyone stayed long through this rally. 12:15PM EST Nov 2, 2012
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that was a pretty good one, especially where the stop is.
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Followed.
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Looks great. The stop can be raised to the entry-price. This is a good thing.
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Thank you for the update.
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timwest timwest
I like how the USDCAD pulled back and touched the high-frequency zone I marked in red on the chart. Going under that level would represent a reversal. However, it held and has a decent look to the pattern. I sit on the sidelines waiting to RE-ENTER after EXITING at break-even. It looks to me that this will set up for another entry on the long side.
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Followed.
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Regression line is being challenged...
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