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CAD

USDCAD possible longi was watching this pair last week and will bu looking to possibly go long to 1.3700. i feel cad may be stalling and looking to go lower however i feel we may touch 1.3700 first or at least maybe climb above the previous higher high by even a few pips. we found support around 1.3190 so i will be monitoring price action and awaiting a breakout before entry. On the 8H we have tested 78.60% fib 3 times and rejected now. Will all depend on the price action and where market opens etc but should be able to see a good 1:2.5 risk reward if it comes through. Good luck !
Long
by garhi86
CAD MEDIUM TERM SHORT: Massive divergence between DXY and CADThe chart shows INVERTED dollar index (blue) vs CAD index (candles). There is a clear correlation between inverted dollar and CAD - that is, a stronger dollar negatively impacts CAD - likely since a stronger dollar weighs on commodity prices in general. At present, there is a strong divergence between CAD index and inverted dollar. This needs to be corrected. Sustained dollar strength should lead to a fall in CAD in the medium term.
TVC:CXYShort
by Exercise-Discipline
CADCHF Resistance LevelsDISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". So I've had a pretty crappy week of trading. Lost my focus last week after leaving money on the table on a trade and messed up my whole week. I started making impulsive trades instead of studying my way into trades. During one of my impulsive trades I noticed the CADCHF has been on an uptrend for a good while now. I remembererd what I've studied and learned and took a look to the left. Founf that it broke previous resistance from November 2015 and from April 2016. Now, Although it did break that resistance the price closed downards if you take a look at an hourly time frame. So I will stay put for now, just put this pair on my watch list. If it passes that resistance again, where will the next target be? Could it be the price from April 2015? Or could this be it for the bulls and now the bears kick in? Always remember to not revengre trade, to study and know why you are getting in a trend and where you want it to go. Remember not to get attached. Trade it dont date it!
by EdwardFabianRamirez
Mentality and Sticking to Your PlanDISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". Last week I published a small "idea" for a quick scalp on the CADJPY. I noticed an uptrend that I didnt expect to go past a certain Resistance level from a few months back. I set my Take-Profits and Stop-Losses at fare prices, and hit my Take-Profit. I was happy with my trade but, being the amateur that I still am, I not only left money on the table but I didn't stick to my plan. I looked for what would have been another opening, which turned out to be a correction that hit my stop loss as soon as the market opened (thanks to a huge gap). Not only did I loose the profit from my previous trade, but the price rose up and came back to where I wanted it to be all along. I have yet to lean how to keep emotions out, and set myself into the right mentality. But I do know that it is something that we all must learn to be succesful traders.
Education
by EdwardFabianRamirez
CADJPY Resistance TargetsHi everyone, as mentioned before, I am new to trading and just trying to apply everything I learn so please do not trade based on these "ideas". So I've been watching this uptrend on the Canadian Dollar against the Japanese Yen. Since I am just an amateur trader, I entered this trend too late. But I am trying to catch at least the last bit of it, just a short and quick scalp. On the hourly charts I noticed that the RSI was well above 70. I knew the price had to drop a bit and that would be my entry point. Entered at 85.288 (which wasn't exactly the best entry point seeing how the price dropped a little more over night). "Always Look Left": I looked at previous highs from March and May and used those as my resistance. The price from May (85.510) became my take-profit and also my first target. If trend continues and passes that target I will be on the look out to see if it hits the price from March (87.458).
by EdwardFabianRamirez