I plotted inverse oil here vs $USDCAD, it seems there's a nice opportunity for a big short to close that spread. I'm long $CADJPY and short $USDCAD from earlier today, now made some time to post the weekly signal in $USDCAD, which is cooking here. If price breaks 1.24603, a weekly down trend with a target @ 1.16536 will be active, predicting a 18 week decline is setting up. Stop loss for this setup should be a bit above the light red horizontal line on chart.
Best of luck,
Cheers.
Ivan.
Best of luck,
Cheers.
Ivan.
Trade active:
Comment:
This one isn't doing much yet, action in the Yen is surpassing that in the $CAD, oil moved up but $CAD once again under performing it today...I'm holding and waiting.
Comment:
Holding $USDCAD...
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Daily target hit:
Weekly is still valid, so, holding it...
Comment:
I correct myself, the big signal here is in the monthly timeframe, not weekly.
The local weekly trend is smaller, and part of the swing from the last top 8 weeks ago.
Here it is in monthly scale, in all its glory, plotted vs inverse oil.
The local weekly trend is smaller, and part of the swing from the last top 8 weeks ago.
Comment:
4 more weeks to go before consolidation in weekly scale. (this can trigger a monthly signal, which might justify holding it)
Trade closed manually:
Banked it here, will wait for a new daily set up to rejoin, the weekly trend is active, monthly not yet. Oil daily trend expires in 1 day, some consolidation in oil related names is possible.
Comment:
It did go lower so far, didn't give me a chance to rejoin.
Trade active:
Back in the saddle, again. I mean, continuation signal.
Comment:
The long signal that popped later worked, after the short was stopped out again. I didn't update this here, my bad. I did trade it, but caught half the move only. Tricky moves lately.
