IvanLabrie
Short

USDCAD: Downtrend continuation

FX:USDCAD   U.S. Dollar/Canadian Dollar
9 months ago
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.

Cheers,

Ivan Labrie.
Time at Mode FX
9 months ago
Comment: Covered for now, no loss, very sudden action today.
9 months ago
Trade active
9 months ago
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.
9 months ago
Comment: I reshorted today, smaller position and wider stop.
9 months ago
Comment: After today's close we have a new mode lower...this is characteristic of a downtrend.
9 months ago
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)
9 months ago
Comment: Added under a daily low...holding both profitable entries until we hit the target.
9 months ago
Comment: Added more after we put out a new high.
8 months ago
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.
8 months ago
Trade closed: target reached: I'm long USDCAD for 2 days now. I think it has reversed.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
CoreyInvesFB
9 months ago
Looks to me like another great oportunity to enter a sell with sl at 1.3950
Reply
IvanLabrie PRO CoreyInvesFB
9 months ago
That's a gigantic stop loss.
Reply
IvanLabrie PRO IvanLabrie
9 months ago
But yes, reentry higher is not bad at all.
Reply
CoreyInvesFB
9 months ago
Im in with tou :)
Reply
CoreyInvesFB
9 months ago
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 :)
Reply
timwest PRO
9 months ago
I like this setup you have laid out here Ivan for selling just over 1.38 with a stop just over 1.39.
Reply
IvanLabrie PRO timwest
9 months ago
I'm in with half risk, using the time at mode signal but it might be too tight.
Reply
Bitcoin_Altcoin
9 months ago
I'm kind of new to trading forex but that shape looks like head and shoulders right?
+1 Reply
IvanLabrie PRO Bitcoin_Altcoin
9 months ago
Yes, it's probably a topping formation like you describe.
Reply
EmmanuelHernando
9 months ago
Great job so far, i like this idea!
+1 Reply
coondawg71 PRO
9 months ago
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 PRO coondawg71
9 months ago
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.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out