traderWgun
Long

Alternative view coming into play

FX:USDCAD   U.S. Dollar/Canadian Dollar
292 5 2
05/02 - 2014 UPDATE
snapshot


This is an update for my previous usdcad             idea
Min. target 1.090

but this is not a long usdcad             idea, but more of a short (FX) commodities idea
(look below for more charts).

I wrote in my previous usdcad             idea "Alt. view would be that this 5 waves advance is wave A
in a 3 legged C wave." and it looks like this is turning out to be the case.

We reached the min target at 1.0900 and have now put in a long legged doji
at the 61.8% fib. As it stays above this weeks low, we should see new highs
towards 1.16-17.

This is in line with me view that commodities and FX commodities are
about to start another decline for new major lows.
Check out my other ideas about gold             , nzd, aud and oil             .

wave C coming to an end

Two levels to keep in mind

Two levels to keep in mind

Two levels to keep in mind


Follow all my demo trades at http://www.myfxbook.com/members/tlkemmy/demo/854232
Good luck!

Related Ideas

traderWgun
2 years ago
snapshot

daily hidden bullish divergence

snapshot

regular bullish divergence

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1H count C=.764A

snapshot

cadchf, and update for my last idea
A reversal on the card?
Reply
muratsoydan
2 years ago
Great Work, I am in. The only problem is that UsdCad long is a very crowded trade, maybe last fall frustrate traders and eliminate the population. Otherwise there is no change in the bullish outlook.
Reply
traderWgun muratsoydan
2 years ago
Ture, basically I think the next decline in aud nzd & cad will complete a major cycle, so it may be crowded, but I don't think it's crowded. DailyFX:s SSI showed that there is 1.73 longs for ever short,
and according to them, the ratio has to be >2.0 longs for every short for the trade to be "crowded" https://twitter.com/CVecchioFX/status/453867095114018816/photo/1

Good luck!
Reply
muratsoydan traderWgun
2 years ago
Hi, I am also following the SSI index, but I think the more important thing is that the weekly change in Longs or Shorts, because overall posititioning does not change quickly, but if weekly change falls dramatically it is a good time to take a position. In this sense Usd/Cad longs increased %7.1, and it is not low. By the way I am also waiting for a decline in NzdUsd, but it seems it will go upside more before a downfall. Keep up the good work.
Reply
traderWgun
2 years ago
snapshot

update, looks like there is more downside to come.
Reply
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