3 Drive Pattern and a potential double top formation should send the Loonie down.
I am bearish on the US dollar, and I expect the loonie to gain ground. The BoC is not engaging in reckless monetary policy, even though, at times, traders found them absent. Canadian CPI is stronger - just above two percent YoY - than in the US, which should favor CAD. The Fed wants a weaker dollar. The Fed said it; Yellen said it. Don't fight the Fed, right? The...
The chart shows a perfect example of retail traders being taken advantage of by banks and institutions. Traditional teaching is to enter short the H&S pattern on the open of the next candle after the breakout candle closes. The banks gladly took the other side of the thousands of traders who shorted the break of the neckline and reaped the benefits.
Usdcad elliottwave scenario The highligted box is a possible consolidation area if the wave turns out to be a sideways (corrective wave), as indicated by the blue dotted lines...
I am tempted to buy blindly in this area with a tight stop, however a more conservative approach will be to wait for price confirmation. This is a buyers area and also a .618 confluence.
perfect! 1tp filled(check related idea) ext (1.236) looking for price action buy signal form. tp2 ext. 1.618 tp 3 yearly r2 1.320 so far so good.
Friends, PREDICTIVE/FORECASTING MODEL: A simple trade opportunity came up. Predictive/Forecasting model calls for a reversal at TG-Hi - 1.11972. Taking a step back and considering the entire system from a geometric stand-point, symmetries come to the mind's eyes here through AB = CD patterns. While the current AB = CD pattern remains under development, a...
The Loonie appears to have finished off the 'b' wave of an a-b-c expanded flat. The potential ensuing 'c' wave would likely take prices down into the 1.07 handle. If you zoom into a 15 minute chart and focus on the Sept 9-10 price high, you can see prices have established a 5-3 wave sequence lower which suggests a temporary top is in place. The larger trend on...
I'm seeing signs suggesting that the Canadian dollar, which has been strengthening over the past few weeks, is now getting ready to reverse and decline in value. For many CAD pairs like AUDCAD, GBPCAD, or USDCAD, this means a long opportunity is information. In the case of this particular chart, we are seeing hammers forming off a support level, at a 50%...
To start up there are 2 links to my previous USD/CAD ideas both still valid and both suggesting that 1.062 level from July might be an bottom for long time. Yesterday USD/CAD has fallen into 1,083 levels just above the green demand zone marked on my H4 chart, there's also 50% Fibo retracement of current Leg Up from 1,062 to 1,10 level present there just above...
Last time I tried going long CADJPY was about a week ago, and the trade was virtually identical to the trade I'm putting on now. I got stopped out at breakeven, though I think the pattern is still valid; I simply moved to breakeven a bit too early last time. I'm set to go long here at 94.01, with my stop at 93.56 and my target profit at 96.11. I'm risking 55...
Loonie bounced off from long term support level and 0.382 FIB at 1.0645 handle. Once it reaches 0.236 FIB (1.0885) level it could retrace towards the bottom of the channel and 0.5 FIB level. Look for RSI overbought condition for confirmation.
USDCAD has been in a downtrend since March 20th of this year; that is when the current trendline, visualized in this chart, commenced. Price has pulled back to this trendline, is just below the 50 SMA and the 200 EMA, and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions...
We've been seeing CAD strength, as well as JPY weakness over the past few trading sessions......and so long CADJPY was only a matter of time. And now, the time has come! :) I'm going long at 94.33, where we have a support level that recent candlesticks are forming a wick around, suggesting buyers are stepping in to defend. Also of note is the presence of the 50...
Will the support line hold this time at about 1.08? A trading idea might be enter in a sell stop just below that.
You can see the clear levels as prices dropped and are now rising towards the sell zone. I'm long at this bottom edge of consolidation and will exit at the red line, then reverse and short it.
A simplistic 5 wave Elliott pattern shows that the imminent 5th motive wave is on the horizon. As can be seen that the oscillation from overbought to oversold Stochastic RSI has had minimal impact on the price action, which forebodes of a bullish Aussie against the loonie. This would mean the formation of a reasonably bullish price action. Fibonacci ratio's of...