Happy Corner: Loonie (CAD) pairs
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  1. #1
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    Default Happy Corner: Loonie (CAD) pairs

    Happy day, guys!

    Since I've been getting tons of trade ideas from my friends on my @Happy_pip Twitter and Playing with Comdolls Facebook page, I decided to post some of my good trade ideas here.

    I'm not restricting the ideas to USD/CAD though. As long as it's Loonie-related, then I'm all for it! After all, I like to watch CAD crosses too!

    For my first Loonie setup, I found USD/CAD testing a resistance at yesterday's high, with Stochastic hanging around in the overbought region.



    I'm thinking that the pair could either make a play for this week's high, or it could drop down to today's open price. What do you guys think?

  2. #2
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    I have been making decent pips on and off for months from the concerted downtrend on USD/CAD, but have basically been pretty flat on it since early May. I think of it almost as though the pair is a little exhausted from all that tumbling, so until the Daily chart gives more clarity I will be staying out and looking for clearer charts. I realize that your opening question was based on the Hourly chart, but the basic question - will Price move up or down? - is one that could be asked on too many of the USD/CAD timeframes for me to want to be trading it.

    I don't just place trades on the Daily, I place a fair bit of intraday, favouring the Hourly, but when there is no clear picture on the Daily then I am inclined to stay out on all timeframes. So I am monitoring this pair at the moment, I do like it, but am not trading it until the picture clears up a little.

    ST

  3. #3
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    Quote Originally Posted by SimonTemplar View Post
    I have been making decent pips on and off for months from the concerted downtrend on USD/CAD, but have basically been pretty flat on it since early May. I think of it almost as though the pair is a little exhausted from all that tumbling, so until the Daily chart gives more clarity I will be staying out and looking for clearer charts. I realize that your opening question was based on the Hourly chart, but the basic question - will Price move up or down? - is one that could be asked on too many of the USD/CAD timeframes for me to want to be trading it.

    I don't just place trades on the Daily, I place a fair bit of intraday, favouring the Hourly, but when there is no clear picture on the Daily then I am inclined to stay out on all timeframes. So I am monitoring this pair at the moment, I do like it, but am not trading it until the picture clears up a little.

    ST
    That's probably because USD/CAD was moving sideways for the past couple of months. Well, from what I've noticed, this pair does have a tendency to range. Still, I have a bit of downside bias on this pair because of rising crude oil prices. Let's see how it goes for this week!

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  4. #4
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    Quote Originally Posted by happypip View Post
    That's probably because USD/CAD was moving sideways for the past couple of months. Well, from what I've noticed, this pair does have a tendency to range. Still, I have a bit of downside bias on this pair because of rising crude oil prices. Let's see how it goes for this week!

    Absolutely, I am expecting a little more downside on this pair, myself, just with the recent higher lows on the Daily it is not something I would trade. If I don't have technical support for my opinion (and at the end of the day, fundamental analysis is just opinion, otherwise everyone would have seen the recession coming...) then I won't trade it.

  5. #5
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    Default June 22, 2011: USD/CAD 4H Channel

    What's up, everyone? Planning to take any Loonie trades today?

    As for me, I'm currently looking at the rising channel on USD/CAD's 4-hour time frame because the bottom held yesterday. I thought it was gonna break because of all that US dollar selling when Fitch gave them a warning about their debt ceiling!

    I guess it's probably because traders are also reluctant to buy the Canadian dollar since Canada just printed a weak retail sales report yesterday.



    In terms of techs, there's a bit of bullish divergence. Stochastics already crossed but haven't really climbed out of the oversold zone just yet, so it might be safer to wait for that. There's also a doji and a spinning top right at the bottom of the channel.

    What do you guys think?

    If I were to go long (maybe during the US session?), I will aim for the top of the channel around .9900 to .9950. My stop should be below the channel and the .9700 handle.

    Anyone with me on this or is my analysis off?

    Again, don't be afraid to share your thoughts!

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  6. #6
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    ...Just dropping off here to say Thanks for making me note this pair.
    Used to trade USDCAD but rarely make money off it like other comdolls so i abandoned it.
    But this looks really good.
    The channel is being re-tested now and if it holds then it'l be a nice double bottom on the one hour time frame, a close above that should be a comfortable place to enter with good enough Risk-Reward ratio.
    Last edited by OTG; 06-22-2011 at 03:40 AM.

  7. #7
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    Quote Originally Posted by OTG View Post
    The channel is being re-tested now and if it holds then it'l be a nice double bottom on the one hour time frame, a close above that should be a comfortable place to enter with good enough Risk-Reward ratio.
    Oh yeah! Thanks for pointing that potential double bottom on the 1-hour chart.

    Nice hearing from ya, OTG. You can also post your own Loonie-related trades here if you want. See you around!

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  8. #8
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    Quote Originally Posted by happypip View Post
    Oh yeah! Thanks for pointing that potential double bottom on the 1-hour chart.

    Nice hearing from ya, OTG. You can also post your own Loonie-related trades here if you want. See you around!

    And if you used that low test off the Hourly chart as your entry (0900-1000 GMT) then you could have a Stop of around 35 pips, below the 0.9700 level you mentioned, so it would be a very good R:R. I didn't take it, was not at the screen, but had I taken it that is maybe how I would have traded it. Looks a good setup, would prefer a clearer picture on the Daily but can't have everything I guess! Looking at at it now, though, Price is bumping its head on the Daily Pivot, so that is something I would keep an eye on. I have a Resistance line on my Daily chart at around 0.9820, so would be a little more conservartive with my TP than you were suggesting, or at least trail up my Stop if Price approached that level.

  9. #9
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    Quote Originally Posted by SimonTemplar View Post
    I have a Resistance line on my Daily chart at around 0.9820, so would be a little more conservartive with my TP than you were suggesting, or at least trail up my Stop if Price approached that level.
    Took your advice and placed my first target at .9820. Then I'll trail my stop after that. Thanks SimonTemplar!

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  10. #10
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    Quote Originally Posted by happypip View Post
    Took your advice and placed my first target at .9820. Then I'll trail my stop after that. Thanks SimonTemplar!

    Thank me afterwards lol!

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