USDCAD trade is based on FIB levels and seasonality as we expect crude oil to get strong also in coming weeks and the data which is due this week (Manufacturing numbers and BOC monetary policy report).
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JUST AN IDEA, FOR A QUICK GET IN GET OUT TRADE.
I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD.
THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY.
USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.
PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER...
The NFP made huge impact last week. Today we are expecting another move down which will be catalyzed by ISM Non-Manufacturing PMI later at 3:00pm GMT daylight. We expect this move to form the MACD divergence to confirm that bulls will be ready to get into the market.
The possible entries are displayed on the chart by color codes.
-Blue line = entry
-Green line =...
This is all technical now. We knew that the market was gonna trend downwards right before the announcements. Due to fear and greed the market resumed upwards looking for a nice area for bears to come in again. Bulls are now accepting the fact that are not strong anymore.
Note: The market moves in waves ABCD
Limit order: 1.25959
Stop loss : 1.26170
take profit 1...
USDCAD has been bullish and it might be time for a retracement. I think I see a 3 drives pattern completing in the 1.2480-ish area, so that's where I'll go short with a TP @ 1.2310-ish area. If you're trading multiple contracts 1.2205-ish might make a nice TP 2.
LIKE MOST OF THE PAIRS, I'M LOOKING FOR THIS TO FALL A BIT AND RISE, HOPEFULLY IF I GET SIGNALS I CAN GET ALL 3 MOVES. I'LL HAVE TO DETERMINE THE THIRD MOVE AFTER.
FOLLOW UPS IN COMMENT!
I tested some aspects of this strategy on the NZDUSD pair, and it went really well. i'm now testing it out on another pair to see if it's a pair specific strategy or overall.
Even though i consider this trade a strategy test, or any other test, the first move is always something that is most probable above all others, i would trade this first move, but i'd wait...
