vlad.adrian
Short

USDCAD - Rally is over, weekly double top

FX:USDCAD   U.S. Dollar/Canadian Dollar
522 18 11
A week ago, I have closed my longs on this pair, a great trade. I believe now, it is time to short.
The weekly chart shows a double top ,
snapshot
, not yet confirmed, but I always like to play in anticipation, and the daily chart offers enough for a short. There is a bearish divergence on the histogram (today's closing price will confirm or infirm it) and a kangaroo tail (that candle that sticks out). I understand that the dollar remains bullish on the longer term, so I do not want to get ahead of myself and call for a massive breakdown in this pair. However, 1.085 is very likely to be tested. That is where we have the weekly Wave, a trend line which I wouldn't normally consider but this one is perfect, and decent daily support. However, proper support stands at 1.06, so that is highly probable too. Taking profits is going to be very very hard on this pair. However, like Livermore puts it in his book, the line of least resistance is down for the coming weeks.
05.11.2014 closed out
snapshot
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IvanLabrie PRO vlad.adrian
Trade surplus news...I have a case for a long entry in 4h now, should confirm in 1:30hs.
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You didn't get stopped out? I Did :( Will be looking to re enter
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no, price never went strongly above 1.14
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Vlad, Hello! What do you think the future movement? We will fall or only growth?
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My money is still on the short side :)
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Doctor-Who vlad.adrian
Thank? Vlad.
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Well, what is your take on today's action?
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very bearish
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Gino vlad.adrian
Darn it, it climbed back up.
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