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Dollarcad

Dollar Cad pulling back to valueIt appears as tho we're about to retest the bearish wedge we broke out of during the first part of August. We have a shit ton of resistance in this area and appear to be forming a H&S formation as well. Look for deceleration and a rejection of this resistance on the daily and intra-day for confirmation to get short. Ideally this pair tops out at resistance the same time USOIL bottoms at support. I plan on holding this short for quite awhile and will gladly add to the position with pullbacks during the run down.
Short
by patrick186
POTENTIAL LONG OPPORTUNITY ON USDCAD @1.3370 (CIRCLED AREA)Here is an opportunity to join in on the USDCAD multi-year rally or simply to add positions. The best time to add positions is when price pulls back to quality levels so that we are BUYING LOW or SELLING HIGH . Over the past few weeks, we have seen price recoil from that unbelievable rally and looking at price, it is likely to continue to 1.52! Bold call? Maybe. No one is ever 100% correct. So let us say this call is wrong, we can still control how much we lose. Also, there are money management tools we can use to ensure we get some profits if price goes our way but not ALL THE WAY. Entry Point : 1.3370 Stop Loss : 1.3220 Profit Target : 1.5120 Risk: 150 pips Reward: 1750 pips (>11x Risk) This is expected to be a long term position, taking weeks to reach the target. So, money management may be necessary. Because of the interest rates differences, you'd be paying a ROLLOVER fee for holding this long position! Money Management Enter multiple positions with various profit targets. Split your position into two. Set one profit target at 3:1. When the first half is closed, move the stop loss to break-even on the over half! and be risk free!
Long
by selfrighteousgambler