Yea, I’m short on the AUD/CHF. Found a range play entry earlier and its paying off so i cant complain too much :), I’m just wondering whether to ride it down to .9310.
Ooh, interesting choice! But that does seem like an excellent risk off play. Good luck, my friend!
Thanks, seems solid to me also. I’m also a fan of your posts. Keep it up. Good luck on the USD/CAD.
Sweet! See you around! 
Trend traders are gonna love this setup! On USD/CAD’s 4-hour chart is a nice rising trend line that looks like it’s about to be tested.
Making the setup even sweeter is the potential 50% Fib retracement line right near the 1.0100 major psychological level. Who’s going long Greenback? Give a holler!
If you think the trend is your friend, then you might like this potential retracement play with USD/CAD. There’s a rising trend line connecting the lows of the price on the 4-hour chart, so I used my handy-dandy Fibonacci retracement tool to pinpoint potential entry levels.
The 38.2% Fibonacci level is just a few pips below the 1.0200 major psychological support and it’s right in line with the trend line. At the same time, a bullish divergence seems to be forming, but I’d wait for stochastic to cross upwards before making any decisions.
Do you think this uptrend will continue? Or will we see a breakdown this time? I’d love to hear your thoughts before I decide on a trade this week!
If you’re short on the Greenback, then this setup is for you! USD/CAD is sporting a cool doji on the daily chart, and it looks like a bearish divergence is also in the works. Are we seeing a retracement, or the start of a reversal?
made some pips with your analysis… tks!
sorry I didn´t put my tp lower… !
Congrats!!!
Glad to know that someone took profit from the setup! Where did you enter and what was your profit target?
Hi, not so much…entered at 1.03810 and T/P at 1.03610 yesterday… could be better … I´m learning…
I haven’t traded on this setup, but it looks like a reversal according to Babypips technical analysis and divergence. As for your question.
You may not believe me! =)
But yesterday I saw the stochastic (USDCAD) continued overbought (daily) and decided to apply the same strategy,… my setup was
sell at 1.03196 (market), s/l 1.03440 aprx (used a trailing stop and then manually)… and t/p at 1.01850 =) so happy!
xxxx
By the way, don´t you see AUDUSD extremely overbought in 30, 60 (specially here), 240, and daily time? I see an apportunity to sell…
You were right about Aussie! Should’ve sold around parity! Congratulations on your USD/CAD win, too. Keep it up!
If there’s one thing a girl hates, it’s getting mixed signals! And that’s exactly what I’m seeing on USD/CAD’s 1-hour time frame.
On one hand, there’s a double bottom formation as the pair bounced a couple of times off the 1.0200 major psychological support, signaling that an uptrend could be in the cards. There’s also a bullish pennant sitting close to the formation’s neckline at 1.0350.
On the other hand, the falling trend line connecting the pair’s highs is still intact while stochastic is indicating a bearish divergence.
This could be a make or break, fellas! Which side are you on this week?
bearish divergence was the rights one… but i think market sentiment has dominating the price action recently, i would only rely 30% on technical and 70% for the news… I’m off for trades, cause i don’t like the environment of the market right now. hahaa good lucks happypip
Yep! The bearish signals turned out to be right on this one, but that was way too risky for me to take. I agree with you, the environment is pretty unclear right now so I haven’t decided on any setups yet. Based on your advice, I’ll pay closer attention to news this time. Thanks and good luck to you too!
A possible setup to go long on the pair on the 4hr chart, if reversal candle forms. Pair is already extremely oversold and seems to be stalling at 1.0200, which has been a previous support area. Will keep an eye open for the next couple hrs.
I’m keeping my eye on that 1.0200 support too, but I’m worried it might break during the FOMC statement this week. Looks like a head and shoulders pattern on the 4-hour also. Then again, USD/CAD has been somewhat consistent with ranges so we could see a bounce like you expect. Good luck with your trades!
I know a lot of you are watching a possible head and shoulder break on USD/CAD, but if we look at the 4-hour chart closely, we’ll see that a descending triangle is also forming right where the second shoulder should be. With two patterns signaling a downside move, do you think a bearish trade for the pair is a good idea?
I actually saw the descending triangle at the time, so it was a short term setup. I entered the trade at 1.0209 and exited at 1.0259 = +50 pips.