On 4h chart there's a bearish station using a tight price range between 1.023 and 1.03. Break DOWN is more likely
On 4h chart there's a bearish station using a tight price range between 1.023 and 1.03. Break DOWN is more likely
On the opposing side, there's a strong support trend line, which can break in some time...
That's why I am waiting now to get a good market chance, SL is 1.0306 (R2 flat) 2 pips spread. TP is S3, 1.0135 two pips spread as well
There might be some type of retracement near 1.0225 zone... The market is undecisive now, the doji candle has been forming on hourly chart!
Due
I believe this currency pair will embrace a bearish trend. Look at the pair on a 1 hour chart gt;gt; two PEAKS on Weekly R1.
I am not likely to be putting a transaction right now; will probably be watching Stochastic and RSI very carefully. The FIB retracement levels look good too.
But again, this is a slow moving currency pair. It might play R1 for a while ! My advice: place the transaction with a degree of caution. Start looking for going short, for a sign that allows a entry.
There was any motion on USDCAD. I'm afraid pair is much more likely today to come back to it's channel, touching 1.03.
Good morning everyone. Not much has really changed. We continue to build value. (Yellow, Zone -1). This should be anticipated as it is a significant value area that needs to be resolved. It appears like price is trying to move up from the area but the action has been very tight and hard to read for me personally. Then I'd target a move to River at 1711 area through 1695, if we do go up. I wait and would cover the long.
If you read through my posts in the journal, then you may remember that I stated that price, like water seeks equilbrium. If price reflects the state of traders at any time, then it is reasonalbe to think that traders emotions will need to come back to equilbrium. Price flows to River. The secret will be to when it is going to occur, know. Like human beings, sometimes we take things to extremes before getting ourselves back in order.
I'd still not rule out more downside, but price should push down below 1643 and during 1630 to get moving I'd think. If we move down target then 1521 1582. Additionally, I said hunches, for some reason (I do not wonder why or rule it out as absurd) I've a hunch that we are going to go down.
Http://home.comcast.net/~downrivertr...SDCAD_2-20.PNG
Here is a closer look at the hourly levels. Bear in mind, the magenta levels change every hour based on volatility.
http://home.comcast.net/~downrivertr..._2-20-2007.PNG
I could have said this in any of your threads DownRiverTrader, however, I thought this was just as good a place as any.
Thank you for all your contributions so far. I, like you, try to use instinct and intuition in everything that I do, and trading is just the same. Sure, you can not ignore news, economic aspects, etc. but you can't examine a chart to departure and await that technique to work all of the time.
Thus, thank you. I love your contributions up to now and I have subscribed to all of your threads. I'm excited about learning from you and making money.
UPDATE: 1:15 PM - Seems like we moved up. When you have a look on the daily chart that I submitted you may observe that we are at the daily River degree of 1711 which we discussed earlier. Not a terrible place to get short based on your risk tolerance. I may get short on a push if it happens thru this region, tommorrows daily River level will come in around 1730 and we might move a bit more up.
I didn't take the long commerce as it moved out of the 1644 area. This is a good case of where my hunch proved wrong. It was a wonderful trade, I expect some of you managed to get it. I'd cover in the present level, as I said this morning.
DRT
Here are the levels of Wednesday. I'm currently horizontal.
We proceeded up in the 1644 level almost exactly to yesterday's River degree. High was approximately 1714 and River was at 1711. I hope some of you caught this move.
What I am looking for on this is a move up to today's River region of 1730/47 where I could acquire brief. Risk could be a settle above the 1747 degree. My targets wukk be 1695.
A settle avove 1747 and I'll look to set up longs.
Good fortune.
http://home.comcast.net/~downrivertr..._2-21-2007.PNG