iTradingForex

iTradingForex

I've been stalking longs in USDCAD for months now. It takes patience to find entries. As long as major swing lows are not taken out, then everything is is basically just a complicated pullback. Canada spent most of November pulling back to its lower median parallel. A news release caused the final weak hands to get shaken out. I was happy with the way price...

iTradingForex

Canada cleared the highs from earlier in the year and continues to follow a nice rolling chop style channel upwards. Pull backs are orderly and have nice frequency as you can see from the small downsloping fork with warning lines. One more pull back to retest the multi-pivot support resistance area around 1.1220-.1.1275 would be a great opportunity to buy.

iTradingForex

This month's price action in the DXY has been extremely strong. It's hard to appreciate it from this chart, but there has been bull day after bull day recently. Should the financial crisis highs of 2009 be taken out this time, we will have a very interesting setup for a strong multi year move up in the dollar. The coiling price action since 2008 could provide...

iTradingForex

It never ceases to amaze me how price seeks out median line and median line extended targets time after time. NZD is still in a strong downtrend, but it had a nice reaction off the 1st warning line of the lower median parallel. Is more downside in store? At this point I'm still bearish, but the nice bounce off the line makes me want to wait and see before...

iTradingForex

Canada has pulled almost all of the way back into it's most recent swing. The is the place where the big boys like to play. First we need to be patient and wait to see how price unfolds before just jumping into the water with a major news event looming on the horizon. To get long, I'd like to see one of two things happen: price suddenly spikes lower, washing...

iTradingForex

I don't see a trade here that I like, but I thought the chart was worth sharing. Aussy melted down swiftly after breaking its old range. Price often doubles the range after a strong breakout. My gut feeling is there is more downside, but I think price needs to coil a bit and store up some more energy to fall more. We'll keep an eye on it for a great trade with...

iTradingForex

I wanted to share this trade idea because its a great example of how to manage your trades once the market moves in your favor. Notice that since I got in a big hurry to get in this trade, my entry, while decent, could have been much better. If I had just waited a few more days with a nice limit order sitting on the red sliding parallel, then I would have had...

iTradingForex

The New Zealand dollar has busted its large horizontal support and resistance multi pivot line (MPL). Price has been in a strong and steady downtrend since July. Assuming price stays below the MPL, which is likely at this point since we've tested the back side of it several times, the next target is the confluence of old lows and the lower median line...

iTradingForex

*repost because last publish did not display the chart properly* CAD still looks to be consolidating sideways after the nice move up off the early July lows from A to B. Since price hasn't collapsed after taking out the lows at D, it looks like stop hunting may have taken place. The long wick of the bear candle at E is a nice place to hide a new stop. If...

iTradingForex

CAD still looks to be consolidating sideways after the nice move up off the early July lows from A to B. Since price hasn't collapsed after taking out the lows at D, it looks like stop hunting may have taken place. The long wick of the bear candle at E is a nice place to hide a new stop. If there are really large traders operating in this market, (and there...

iTradingForex

After the large up move from A to B price has started to consolidate. Rather than find support at the lows at C, price has blown through those lows and the .382 retracement. Median line theory tells us that if price passes through one line of a median set, it will likely reach the other. Since there seems to be no end in sight to the down move, since we are...

iTradingForex

USD/CAD has completely and violently reversed it's large leg down in June and has given a shallow pullback. Price continues to consolidate, but is grinding out higher highs. Look to buy a pullback to the small median line and support/resistance line in red. Stops should be placed under the swing at C. Profits should be taken into the larger upsloping median...