For the time being we will be staying away from trading USDCAD. As you can see on the chart above there are a lot of data indicating a short position would be good at this time. We can see lower lows, and lower highs. We can see that we bounce off the trend line and never break it. But then we have the resistance line that is outlined by the thick, red horizontal...
Back with another trade… This time it’s on the Aussie Dollar vs The United States Dollar. We have been eyeing this pair up for a while and have been waiting for the uptrend to be confirmed in our eyes. According to our trading plan, we can only place a long trade once the price moves above the last major resistance and is held. A few breakouts have been seen (and...
On this chart we can clearly see that there is a strong resistance around the 109.490 region. In addition to this, we have seen a possible reversal in the trend as seen on a daily chart. We believe this is the case as you can see the first lower low has been formed where the yellow circle is @107.800. Finally, by using a Fibonacci retracement from the daily swing...
This trade is based mainly on the large corrective wave we have seen recently with this currency pair. At the mid-late December point we can see that the price bounces almost perfectly off of the bullish trend line and has gone for the moon ever since with a high of 173 pips. In the corrective wave that followed this we saw a 73 pip drop in 2 days and 6 hours, now...
