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.
jangseohee
2 years ago
Yup teacher, horizontal and channel resistance are hard to break!
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AdrianRotaru
2 years ago
What is your SL setup ?
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vlad.adrian PRO AdrianRotaru
2 years ago
soft stop above 1.14
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AdrianRotaru vlad.adrian
2 years ago
I prefer to wait for price movement under 1.1225, then consider a sell position, first target around 1.1090 with SL1.1370 area. My setups are for 1H chart
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thanks
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Totally agree. I see 1.11 first. Then 1.08 and 1.05 by same time next year. Check me out on Dukascopy TV and let me know what you think of my USDCAD analysis: http://www.dukascopy.com/tv/en/#139164
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Gino
2 years ago
Well, what is your take on today's action?
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vlad.adrian PRO Gino
2 years ago
very bearish
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Gino vlad.adrian
2 years ago
Darn it, it climbed back up.
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vlad.adrian PRO Gino
2 years ago
Amateurs need to go long, and pro's need to sell. Of course it will climb up and go down for a while.
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IvanLabrie vlad.adrian
2 years ago
I sold, does that make me a pro? :p
Nice chart.
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Doctor-Who
2 years ago
Vlad, Hello! What do you think the future movement? We will fall or only growth?
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vlad.adrian PRO Doctor-Who
2 years ago
My money is still on the short side :)
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Doctor-Who vlad.adrian
2 years ago
Thank? Vlad.
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HexVex
2 years ago
You didn't get stopped out? I Did :( Will be looking to re enter
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vlad.adrian PRO HexVex
2 years ago
no, price never went strongly above 1.14
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05.11.2014 closed out
snapshot
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IvanLabrie vlad.adrian
2 years ago
Trade surplus news...I have a case for a long entry in 4h now, should confirm in 1:30hs.
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