TElphee
Long

V1:T11_USDCAD_Short/Long_Aggressive_High rollers only...

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
* Please note I am not in either of these positions yet. The green/red markers are showing where I wish to enter. I'll post entries in the comments.

Analysis:
I do think this daily signal is bold and tells us a lot about this market and the quality of this uptrend.

But these markets are being far to spiteful right now to give us three green soldiers outta there. I am planning for worst case scenario. I bet we run the base of that daily bar and potentially lower before returning to the trend.

When USDCAD is testing highs, EURUSD is off its highs and vice versa. For USDCAD to make higher highs, EURUSD is going to need lower lows. I dont really think that's going to be the outcome, but EURUSD is looking weaker and weaker everyday so this idea is my sorta hedge against a weak EURUSD and hence a strong USD.

Thinking about it CAD has been strong ever since DXY has been above 90. Hmmph.

Question is where do you set stop on the long?

1000 pips seems rational. 1200 pip target!?!

Now that I've made the cautious call the market will probably rip higher. Comments? Questions? Concerns for my sanity? Let me hear it.

Disclaimer: Your data may be different. Material is educational only. Trade at your own risk!
Mar 23
Comment: Unfortunately I did not get my entry before the market did in fact rollover to profit levels and beyond. We are now at the level of buying for the long term but I am not going to enter such a wide stop/loss trade in such uncertain global circumstances.
The post will proceed just to see what happens with the setup.
Mar 23
Comment: Click the play button! Spectacular call, just not lucky enough to get the fill on the downside. I didn't take the long entry either but I did call it out fairly well - that stop out level of that obvious daily buy signal...
If you had taken the long entry It would have been best to book profits before this weekend with geopolitical risks on the horizon.
hey Telphee as always great detailed post and interesting points made...I would like to suggest another possible scenario. Im looking at a possible right shoulder of a possible H&S formation on the daily time frame which leads us to a decline with a potential target to the 1.16000 -1.14500 area. to complete a weekly abc pattern You thoughts ?I will be posting a chart this weekend for your consideration.
+1 Reply
TElphee RalphStPierre
@RalphStPierre, Thank you! I look forward to seeing your post! I think the H&S formation is very possible and your targets are certainly inline with the setup. I am interested in your reasoning with the weekly abc... Would this week basically be the first wave of the ABC correction?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out