USDCAD

[yeahbah]

pag mali ka, tama ako

[hunter]

pag mali ka, tama ako

pag mali ka naman.. tama ko.. lol..

anu ba strat mo dyan sas UCAD?

[yeahbah]

see my last chart posted.

nag long na ako.

Entry: 1.0694
Stop: 1.0648
Target: 1.09

[hunter]

you're in the black now.. hmm.. di ko magets ung pinost mo e..

kindly explain.. thanks!

[yeahbah]

Pano nga ba explain.

May blue line, that's the resistance line or the entry line. If the price close above that line, that's a buy for me.

If consolidated inside the PRZ - 78.6 / 61.8 fibs. Breakouts will be treated as confirmation of a reversal.

The low of the previous down swing is near 78.6% hence the projected target is at 127%, 1.09, which is near the resistance line that you've drawn in the dailies.

I've also marked a long term support line near the PRZ, yung red horizontal line. Notice how it went back above that level then consolidated above it. So may PRZ na may long term support line pa, san ka pa he he

That is all.

usdcad.PNG (23.89 KiB) Viewed 169 times

How about yours, how did you come up with that sell short strategy?

[hunter]

well, this is what i think, please correct me if i got it all wrong..

i've a small cirlce part which confirms that it is a resistance, down to 1.09 something. which also serves as your tp, since you got a long position.

And then there's the big circle, consolidating, and 1.0785, is a resistance line, please check with 4H chart, it is a support line turned resistance.. and it stayed as a resistance for a bit of time.

also, with the way FOMC tonight, i think it will correct up to that point, then resumes it's downtrend, unless, the feds raise their rates.

what do you think?

I thought you don't trade cn anymore? lol

[yeahbah]

I'm demo trading he he

I don't know your trading system so I can't comment on wether it's wrong or right.

I'll get back to you on those resistances that you've mentioned.

I guess the direction bias will depend on FOMC later at 2:15

[yeahbah]

Here's my view of the H4 chart.

Your horizontal resistances is ok. I pay more attention on more on angled resistance lines. That's just my preference.

Also, your sell short entry line is within my PRZ but theres's no assurance that usdcad will reverse from that level.

Mukha bang inverse h&s?

usdcad4.PNG (21.02 KiB) Viewed 158 times

[yeahbah]

Here's another reason to be bullish: RSI BAMM Setup -- Reversal confirmation / Harmoninc pattern confirmation

AB=CD confirmed with RSI BAMM -- trigger price at 1.0686


I'm not in anyway trying to influence your trading decision, aight? Just sharing my trade ideas.

usdcad4rsi.GIF (29.35 KiB) Viewed 159 times

[hunter]

oh you're trading demo, i thought you're playing with real money.. hehehe..

hmmm.. kung may divergence, what happens then? does it reverse immediately?

we will know the outcome, in 15 more mins..