Happy Corner: Loonie (CAD) pairs

[snook]

I went long on this at .9715 towrds the end of the Fed announcement. I noticed the dollar was up basically across the board and figured it was a good time. Then I woke up this morning at 7am to see oil had dropped $3!! and knew I had to check my charts. Sure enough it was already at .9800 so I'm up 85pips and loving it!! thank you all for your insight, it reassured me that I was on to something.

[happypip]

...I'm up 85pips and loving it!! thank you all for your insight, it reassured me that I was on to something.

Wheee! Congratulations to ya, snook!

Where are you planning to take profit? I locked in some pips around .9820 but I'm keeping half my position open and aiming for .9920. How about you?

[snook]

I had my TP at 100 pips so it was triggered at .9815. after that I figured "100 pips in one day, I'm done!". I've been busy since but will look at it tonight and see what the stoch/time frames say as well as any fundamentals for Friday. I've only been doing this with live money for 2 months so when I hit something like 100 pips I feel successful enough. I need to learn more about when to add to my position or when to pull half and extend my TP.

[happypip]

I had my TP at 100 pips so it was triggered at .9815. after that I figured "100 pips in one day, I'm done!". I've been busy since but will look at it tonight and see what the stoch/time frames say as well as any fundamentals for Friday. I've only been doing this with live money for 2 months so when I hit something like 100 pips I feel successful enough. I need to learn more about when to add to my position or when to pull half and extend my TP.

Oh hey, don't get me wrong, 100 pips in a day is hella awesome for newbies and seasoned traders alike! Even I would give anything to grab a hundred pips in a single day. Good thing this USD/CAD trade worked great for the both of us!

I hope you enjoy your learning process. It's definitely gonna be challenging but that's what your fellow traders are here for. As for me, I'm more than willing to guide you through it, so stick around and let's learn from each other

[snook]

Thanks Happypips, you can guide me through as much as you would like. Right now I'm working on recognizing harmonic patterns, trying to overcome that hurddle.
I felt like the setup on this last trade was a no brainer, really nice support and price was in that area, the fed announcement was the fundamental that was going to move it one way or the other, the oil issue was clearly the icing on the cake. I expected the trade to possibly go into Monday, but that 'gift" by the IEA was what sped up the process in my opinion. They don't get much easier. Too bad they're all not like that!

[happypip]

Thanks Happypips, you can guide me through as much as you would like. Right now I'm working on recognizing harmonic patterns, trying to overcome that hurddle.
I felt like the setup on this last trade was a no brainer, really nice support and price was in that area, the fed announcement was the fundamental that was going to move it one way or the other, the oil issue was clearly the icing on the cake. I expected the trade to possibly go into Monday, but that 'gift" by the IEA was what sped up the process in my opinion. They don't get much easier. Too bad they're all not like that!

Yep, we don't get those "gifts" often, but gotta thank the markets when we do! Even I was pleasantly surprised by the IEA's announcement yesterday!

Btw, how are you doing with those harmonic patterns? I found this section of the School that could provide the basics on the topic.

Hope this helps!

Harmonic Price Patterns | Harmonic Price Patterns | Learn Forex Trading

[YoungGun1]

Hey I just wanted to talk about the rising channel for the USD/CAD. Just took a long position @97.850 w/ a 30 pip stop.

[happypip]

Hey I just wanted to talk about the rising channel for the USD/CAD. Just took a long position @97.850 w/ a 30 pip stop.

Hey YoungGun1, welcome!

It looks like the pair is in the middle of the channel (on the 4h timeframe) but the .9785 is the 61.8% Fib, which could be a nice bounce off point. Stochastic almost in the oversold too, which is good for your trade. If I'm not mistaken, that's also the bottom weekly ATR for this week and that level USUALLY holds.

In short, from a technical standpoint, your trade looks pretty solid. Plus your stop's nicely placed, too! Hopefully news from Greece doesn't cause any wild moves. Good luck on your trade!

[SimonTemplar]

Hey I just wanted to talk about the rising channel for the USD/CAD. Just took a long position @97.850 w/ a 30 pip stop.

You also have a bounce off the 21ema on the Daily chart in your favour, which chimes with the recent (albeit rather choppy) rising trendline on there.

I missed a setup earlier in the week, I would have shorted following Monday's high test off the 200ema/horizontal Resistance level - my TP would have been... 97.85! So via different routes we have both seen that as a level where Price might rise again.

ST

[YoungGun1]

Well the positive CPI reports probably were responsible for killing my trade today as it dropped 40 pips in a matter of seconds blowing out my stop. Well into the books and on to the next trade!