USDCAD

[hunter]

Hi guys and gals,

I just graduated from batch46 yesterday, and I want to seek your opinion on this chart.

Please do correct me if I'm wrong, I see a primary resistant line forming a bearish trend. Due to oil demand and low US inventory, I think the trend would correct first, test the resistance, after which it would come down hard since the market is clamoring for commodities.

What do you think?

Thanks!

[yeahbah]

Since my style is more of the contrarian, I'd be looking for buying opportunities. A break above that trendline is a buy for me. That's just me

Notice how it is also trying to stay above that support line (somewhere near 1.076), some call it "Low-Stress Trade" -- you buy at the level where it obviously brokeout.

[hunter]

Thanks!

Please correct me if I'm wrong, I also see a double top forming, resistance @ 1.1124 and neckline @ 1.07125, and currently, bulls and bears have the same strength in terms of price -stalling a bit. So there may be two breaks, from the neckline and from primary resistance line. Which is more likely with the market demand of commodity currencies, like AUSUSD too..

[yeahbah]

Double tops should be at the top, that's why it's called double top he he

Since it's at the bottom, you may call it double bottom or tripple bottom or many bottoms ha ha In any case it's forming a base while trading within a range. The next big move should determine where USDCAD's bias.

I have no idea about commodities he he.

[hunter]

onga pla.. hehehe.. thanks for that!

you trade currencies, yeahbah?

[yeahbah]

Yes, pero nilipat ko muna funds ko sa PSE ... mas "safe" at hindi stressful -- yoko gumising ng madaling araw

[tarantrader]

onga pla.. hehehe.. thanks for that!

you trade currencies, yeahbah?

Di ata dapat nakagraduate ito kahapon...sa ilalim ang double top?

[hunter]

Di ata dapat nakagraduate ito kahapon...sa ilalim ang double top?

LOL.. I simply mixed up the terms.. hehehe..

[yeahbah]

usdcad.gif (63.4 KiB) Viewed 410 times

[hunter]

short@1.0785
tp1@1.05
tp2@1.03
sl@1.09

i just hope that i am right.. lol