I went long CADJPY, and it looked promising, the four days later I took a small loss because it no longer looked promising. I’d be up 90 pips had I stayed.
That said, I went long CAD by going short USDCAD around the same time. That one is still going, and I’m up 103 pips so far.
Love hearing these stories, Short USDCAD was clearly the play, do you have a profit target, or how will you know when to cash in
There appear to be two support levels of interest.
1.3059
1.2783
I’ve got a TP between the two. I’ll watch what CAD and USD are doing when it hits the first level. Maybe keep it going; maybe close out, or maybe take partial profits.
and let the rest run, good plan.
Looks like USDCAD bounced at the 1.3059 support level. There are a couple of hammer candlesticks. Also looks like NZD is taking over the #1 slot. Finally, although CAD still seems to be strong, USD is growing in strength. So, I decided to take my 105+/- pip profit and reconsider again next week.
sweet thread…i do the same on Oanda’s currency strength online calculator…I write down the 4v4 currency pairs with direction of the last year, last month and last week
Then isolate the common pairs direction between last year with last month and last month with last week
Then I enter when the 4h Ichimoku’s chikou span is above cloud and price AND price is above clouds for longs AND is far from Monthly or Weekly support resistance produced by chikou span’s bounces. Vice versa for shorts.
I exit when previous paragraph gets false.
I rewrite down the 4v4s on Monday’s Frankfurt open.
Market rotation as expected, Currencies look ready for risk on move in the markets
Russell 2K is a great example of Risk On trade activity, Russell had been dragging behind the other Indexes but then we see a strong daily move on Thursday and Friday, In a Risk On trading environment you would expect to see Nasdaq and Russell leading the way
some shuffling around at the ends but not much happening today
Top Trade GBPCAD* gave us a nice gain today, we need to revisit the other GBP trades as the Pound looks ready to dive lower
Hi Dennis,
This is a heatmap from oanda i guess they also calculate the same way you do but they downt use the MA i guess. Currency Strength | OANDA
The rankings are similar.
there are a number of these indicators out there, but I will stick with my own
Here is another example of bad investment advice from financial media. We are at all-time highs and they are telling you to buy now. Where were they on Dec 26th when this current rally began with a huge in your face reversal candle. You can bet the big players bought on that candle and are now looking to take profits and who will they be selling too, the suckers who take trading advice from financial media
Back on Dec 26th Yahoo Finance makes fun of President Donald Trump for saying now is a tremendous opportunity to buy stocks. Mr. Trump was correct and these media hacks have egg on their face, but will they ever acknowledge how wrong they were.
Again I never take trading advice from media hacks
Dennis,
Thank you for the amazing contribution regarding the Strong/Weak analysis, it makes the filtering process so much faster and accurate. This weeks it has made for some handsome moves in the GBPCAD and GBPNZD. I have a couple questions for you if I may ask.
Thanks in advance!
