USDCAD: Downtrend continuation

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             has confirmed a daily time at mode downtrend aiming for 1.30 as maximum target.
I'm short from last night, using a discretionary entry ahead of confirmation in the daily, but I'll be adding as we progress towards the target and continue to be in the money with our position.

Good luck if going short with me, remember to keep a wide stop loss, either ATR based, or using the mode.
I'll be trailing stops and adding to the position as the trend evolves, it could result in a very large move to the downside based on my observations.


Ivan Labrie.
Time at Mode FX
Comment: Covered for now, no loss, very sudden action today.
Trade active
Trade closed manually: To me this downtrend is about to fail, I'm standing aside.
The way crude is acting, is causing trends to become shakey.
Comment: I reshorted today, smaller position and wider stop.
Comment: After today's close we have a new mode lower...this is characteristic of a downtrend.
Comment: Once we get more confirmation, we can add aggressively.
For now my position is small, but it's a 2R win at my target (1.3)
Comment: Added under a daily low...holding both profitable entries until we hit the target.
Comment: Added more after we put out a new high.
Comment: Almost at the target, pay close attention to it, the dollar index is near long term support, but there's still room left for oil to top.
Trade closed: target reached: I'm long USDCAD for 2 days now. I think it has reversed.
Good work Ivan, this is working out really well. I have been keeping a keen eye on the movement of oil. Presently, I am short on this pair down to 1.3320 level. But with all the talk between Saudi's and Iran, anything is possible.
+1 Reply
IvanLabrie coondawg71
Thanks, well, it's a nice trend for sure. I like specially how it detached from oil, dropping despite oil not advancing or even falling today.
Great job so far, i like this idea!
+1 Reply
I'm kind of new to trading forex but that shape looks like head and shoulders right?
+1 Reply
IvanLabrie Bitcoin_Altcoin
Yes, it's probably a topping formation like you describe.
I like this setup you have laid out here Ivan for selling just over 1.38 with a stop just over 1.39.
I'm in with half risk, using the time at mode signal but it might be too tight.
I dont expect it to hit the SL but i like putting it hifh and watching i as it goes. Ill lower my sl to breakeven if the market permits it :)
Im in with tou :)
Looks to me like another great oportunity to enter a sell with sl at 1.3950
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