forexcanada

forexcanada

Sign of an Head and Shoulders is definitely on the radar right now. We just broke the neckline and in technical term I am short. I am very careful though with Japan election next month and QE infinity over there makes me nervous, but tight stop is in order. From here expect support on 23.6% Fib at 130.78, but my target is the 38.2% Fib at 129.80. We break...

forexcanada

I published this chart a few weeks ago and now price action is hovering around the daily chart trendline. I still believe this technical setup is still valid. We definitely need a daily close above 1.3015 area to invalidate this scenario. I totally ignore any deal between Greece and the E.U. For what I understand from the EU conference earlier this afternoon,...

forexcanada

I would like to believe that USDCAD is heading lower. The problem is price action is sitting on a short term trendline(green line) and also right smack in the middle of the longer term downtrend(blue line). I am bearish on this pair but wouldn't mind a pullback to add on my short or a restest of 0.9750 in the coming weeks. The next strong resistance is around...

forexcanada

The weakness in AUDUSD today is dragging all Aussie cross pair with her. A pretty nasty engulfing candlestick formed on the daily today with the close and shorting is starting to make sense. Gaven @forexcanada

forexcanada

Suncor is company that I like. Good balance sheet with boring dividend though, but the potential for that stock could be tremendous if the oil pipe goes ahead.

forexcanada

This bearish pattern (64% of the time according to encyclopedia of chart patterns) is still intact. Price action nicely bounce off that upper descending trendline. Normally I wouldn't short here but wait for a breakout at 1.01640. Impatient that I am I did short anyway but with a tight stop above Wednesday wick. To me that candlestick is a nice inverted hammer...

forexcanada

I love this chart. It has different patterns recognizable signalling each time a shift in price action. The last one is the double top or in better term an Adam and Eve double top. The interesting part about is the second top (Eve) who slightly touched the downtrend line which started way back several months ago. Then we saw price declining ever since. The...

forexcanada

My stochastic on the daily failed to make new high and also price action didn't deliver higher either. Shorting is starting to make sense. I would like to short on an important psychological level of 1.3000 aiming primarily at target 1. NFP friday and also Spain bailout or not is my fundamental concern on that one(short term). Stop above the first top at...

forexcanada

If we could see a daily candlestick close above the upper trendline and I think we could open the door to 80.00yen again. Though there is a few major resistance along the way, but my soft target on that one is actually 80.65. It might just be a pop and drop since this triangle pattern is bearish in nature. We should have a clearer picture in the next few...

forexcanada

The pair formed an engulfing bearish candlestick near 0.8095 resistance level. With price and stochastic failing to make new high this short term uptrend is in play and expect to resume the longer term downtrend. I want to see a break of that red line which almost coincide with the psychological level of 0.8000. Follow me on twitter @forexcanada Gaven

forexcanada

This long trendline from early 2009 was tested several times (blue arrow) over the last three years. I originally when long earlier last week when it tested 1.2585 and came out really shortly to wait for a better signal. Unfortunately, price action broke the trendline. I was hoping for a false breakout. but the weekly close below the line makes me wonder if...

forexcanada

That's not my trade idea. It is actually from Money in Motion show on CNBC. I just wanted to put the trade on a chart and get feed back from other traders. Have a good day Gaven

forexcanada

We have a Descending triangle on the USDJPY 4 hour chart. Usually bearish, we need a close above or below the triangle upper\lower green trendline before we can really establish a position. Because of a high possibility of an intervention from the Bank of Japan I highly favor scenario A. Watch for high volume. Breakout will occur during high (more than usual) activity.

forexcanada

Listen everybody this downtrend channel is pretty solid. It has been tested several times over the last few months, so I am already short at 1.2610. I have my eyes on 1.2040... The risk/reward is attractive at this point.

forexcanada

Was hoping a retest of 1.2000 last week, but didn't happen. Will have to be patient on this one.

forexcanada

My charts are simple. I do not need hundreds indicators to mess up my brain. Here are two scenarios of my trading plan. I am wrong on both scenarios is price action breaks the green upper trend line.