I am banking on USD/CAD long. If not before the end of the trading week, then by next week. I am focusing on the short-term, not long-term. Any comments? As you can see, it is under 1.29 at the moment with a lot of room for movement northbound. Pictured is the chart and the trades I opened very recently… I will post results after I close these trades – whenever that will be…
By end of the week you mean tomorrow? or today UK Time. I’m not sure I see a definite directional bias from the charts but if I had to make a choice I would rather go Long over the coming few days; mind you if given a choice I wouldn’t get in any direction right now.
Not sure if that’s any use.
Sorry about that… I am on CST right now. My broker is on GMT+2. The market will close on Friday afternoon at 3:55pm for me here. You might not see much movement today. Tomorrow morning at 7:30 some big numbers will come out on the US and Canadian sides. There could be some major volatility at that time. From what I can see, the US forecasts are nothing too drastic. What might possibly happen is that Canada is predicting a 21.3k increase in employment to last month’s -88k. I think this could trigger some major currency reaction. If the outcome doesn’t live up to the huge reversal forecast, it could result in the CAD plummeting vs. the USD. We’ll see. I’m prepared and ready for battle! At any rate, the US non-farm employment change might cause some action too.
As I type this, there is a little more upward pressure happening. I am looking to cash out by 1.2950 or sooner if the opportunity presents itself.
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As you can see by my initial post, I have seven 1.0 trades open on this pair long. So, if I can shave some pips and take a couple hundred to several hundred bucks by close tomorrow, I will do that!
I have always liked trading the USD/CAD because there’s usually some good movement but it tends to stay within a reasonable range more often than not.
I have now managed to add stop-losses to 4 of my 7 trades exactly 1 pip above my break even point. 1 of them has already closed. I have 4 new buy limit orders all set and ready to go; 2 at 1.2890 and 2 at 1.28875.
Pyramid?..
4 of my 7 trades (1.0 each) got stop-lossed. I am down to 3 trades but I have 4 more ready to go as mentioned earlier. I am expecting it to dip down below 1.28875 and then shoot back up tomorrow. If not tomorrow, next week works… Looking at the current chart (1-hour candles), unless something major happens, I see it rising back up 50-75 pips within the week, maybe sooner.
Meanwhile, the CADJPY pair is going back up thankfully / finally!
$17.10 won’t make me rich!
But I am pretty happy with my trades over the past week…
@Capper Man. I see some huge losses on your account summary there, circa 25% of your account balance and a big 25% at that. What’s going on with that., how much are you risking on each trade.
Are you referring to the -2.25k you saw on one of my recent photos I posted?
No first picture profit/loss = -224,216.82.
I noticed u use Interactive Brokers, how are they?
Yup, that’s what I meant. The -2.25k! That’s how I work. They key numbers to keep a close eye on are balance, equity, and margin level. With that in mind, if I cashed out today, my equity is substantially more than I deposited. Not where I want to be but it would be decent. The kicker is that I am a Canadian living in Canada and this is all in USD. So, when I choose to shut down, equally important to my positions is the USD/CAD!
What makes you think I am with Interactive Brokers?
Taskbar with IB icon. Why is your position 25% down, are you not worried.
I don’t use IB for forex. I use FXDD. I use IB as my stock broker. IB seems good although very complex and will take considerable time to get comfortable if you haven’t used it before or used it in a long time.
25% is not too bad. You have to be aggressive by taking and carrying risk to get ahead… I have been in way worse situations than I am now. I am very confident that I will reach my goal in the time frame I have set.
I just got IB myself for Options but the margins on SPOT are 2 - 2.5% which is not so good. I know what u mean about being complicated, I have’t really started to use it much. What is your goal at the moment.
I had my balance up to about 915k at the end of 2017 but closed some negative trades to avoid the taxes. I am working my way back up. I am planning to rid my account of negative trades over the next several months all the while continue to take profits. I am hoping to reach that 1m balance with limited or no negative trades in 2020. I will keep a close eye on the USD/CAD in the event that it shoots up drastically. In that case, I may choose to shut down early.
That brings the question… Should I wish to move several hundred k from USD to CAD, does anyone know what my best vehicle for doing so would be in order to get the best possible rate when the time / times come?
Absolutely no idea. What did you start off with and when. What has your growth been like y-o-y.
OK all, remember my post from 5 days ago to start this thread?
that
I don’t want to give you the old ‘I told you so’ but here are my USD/CAD profits from those trades:
To summarize, I opened and closed a variety of trades on USD/CAD. There is one USD/JPY in the mix which I opened as a sell limit and it closed this morning for $153.79. As you can see, some of those trades were opened on 3/9 and 3/13 - not only on 3/8. The reason for this is that I dug into a slight hole as USD/CAD was heading south for a couple of days. It started to rise but the trend was still short. So, once I was in a position of slight gains on some of those trades, I added in stop-losses just over the break even point (1 pip over). After doing that, I also opened some long trades at a lower level. I was able to do it manually rather than using buy limit orders. I could easily have made more money on this USD/CAD pair over the past week but I wanted to limit my risk level and keep my overall account in reasonable position margin-level-wise.
My feeling is that if I can take 2.5k in profits on any given day, I will take it! Regardless of the size of one’s account, that’s pretty good $. Did anyone else take my advice and profit from this pair???!!!
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I hold a bearish position for the USDCAD and look forward to his return to the region of C $ 1.2720.
The Bank of Canada continues to take a cautious stance, promising an increase in the rates of “over time”. In good condition, an average of 0.07% in April and 0.27% by July). I am waiting for the fall of the US-Canada bonds and the USDCAD decline in this medium term.
The bullish momentum is weakening, and the DMI indicators confirm a probable change of trend. Within the last wave of growth, the pair rested on the most important resistance C$1.2950 and could not break above. On the 4-hour chart, a double top was formed, the technical realization of which is the area C$1.2720.
I am currently short CADJPY for the next week. What window are you looking at for long USDCAD