Beautiful Chart A Squeeze Is Coming !!!!!!!!!!!!
Updated
So the recent rally in US OIL back to the $50 mark has caused a retrace here to the trend line support level, alongside the 0.382 Fib retracement line.
What does that tell us, well we are at a peachy level to long the USD/CAD , however a few things to be mindful of
1. First and most importantly we have pierced the trend line support, and need a clear close above it on the daily candle for confirmation of an entry.
2. The DXY has regained slow control to the upside, we will attach a photo , and it doesn't really have anything in its way until the 102.00 level
3. Oil is on the rise ( slowly ) and we could see some short term strength from the Loony.
4. A strong data packed week ahead will give this pair plenty of volatility and a clearer direction.
We are on the side lines until next week ( Monday, Wednesday and of course Friday will offer some good opportunities)
Stay tuned as always happy trading and don't be shy, comments are always welcome :)
What does that tell us, well we are at a peachy level to long the USD/CAD , however a few things to be mindful of
1. First and most importantly we have pierced the trend line support, and need a clear close above it on the daily candle for confirmation of an entry.
2. The DXY has regained slow control to the upside, we will attach a photo , and it doesn't really have anything in its way until the 102.00 level
3. Oil is on the rise ( slowly ) and we could see some short term strength from the Loony.
4. A strong data packed week ahead will give this pair plenty of volatility and a clearer direction.
We are on the side lines until next week ( Monday, Wednesday and of course Friday will offer some good opportunities)
Stay tuned as always happy trading and don't be shy, comments are always welcome :)
Note
Right now if we look left, it has experienced some resistance here, but if we push higher then 102.00 is the next key level long term.
Stay tuned .....
Note
Right ISM figures out in just over the hour , be alert as the market will definitely be watching this event for clues before FridayStay tuned .
Trade active
Okay so we have taken an entry @ 1.34 until NFP and will close out before the event encase we get any nasty surprises ... Bullish engulfing candle and close above the trendline support , OIL trading sideways right now and the DXY is trickling higher but very slowly ( see graph attached )Stay tuned !!!!!!!
Note
Trade active
Note
So as you can see Trump's action has spurred some safe haven flow for now , however the DXY is ranging tight , this is of course having an effect on our trade, today's NFP will help this along.We are going to put a stop in today , "encase we get a surprise" and also should it retrace to a better level we will re-enter.
Stop @ 1.3290
Stay tuned as the squeeze is taking shape nicely so be patient.....
Trade active
Okay I feel its good to point out a few things here, To many traders only show trades profitable trades and not the bad ones, that is not how I work .... why because that's not how trading works.So we got in @ 1.34 not the best price as around 1.33 was the safer price, but were in and this is going against us, and were in draw down of about 80 pips so before we post what our next step is, lets see how many good constructive comments the crowd will give.
So please feel free to post away and then we will answer any questions along with what our next step will be .............
Comment away :)
Trade closed: stop reached
So Poloz speaks today and CAD rate decision is on the table , We are going to move to the side lines for this for 4 reasons :1.We could have waited at the time and got in @ 1.33 a much better price we didn't we got in @ 1.34
2. Safe haven flows are in place and USD/JPY has lost the 1.10 handle because of this , due to the US bombing Syria air fields and uncertainty surrounding the austerity.
3. CAD has been printing undeniably good figures, and we feel that when POLOZ speaks later he has to take this into consideration now, and take a more neutral to slightly positive stance based on the figures, which we feel will be an opportunity on this pair.
4. We have broken the squeeze line to the down side by closing below it.
We are out for now but stay tuned for the Rate decision and speech from POLOZ @ 1500
Happy trading ......
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