Quote:
Originally Posted by cosgrove
Short USDCAD at 1.0133 (+315, looks like it's turning around)
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The USDCAD is indeed in danger of turning around.
Both the monthly and daily charts are running against a short position, and the WEEKLY is getting into Fish-netting.
Time to go, mate. I would take my pips off the table, but be prepared for the next set-up. One good thing about a rally in this pair now, is that any correction will have more pips for us in its next move.
One of the warning signals is that long tail on the green candle on 1st November. While it is not a classic reversal candle, it IS a warning. Then the doji candle (December) which has just completed, is the reason for all the fish-net developing on the Weekly chart ... indecision.
When you see that fish-net - close out the trade. (Weekly chart)
The DAILY chart certainly does look like a tradable "LONG" setting up. Good for scalpers, if any of you blokes still have any ST or scalping blood left in you!
However, the 4H is telling us it is really "too late."
Patience.
.