USD/CAD once again fails below 1.1123 resistance and retreated. Break of 1.1004 minor support turns intraday outlook neutral again. On the downside, further break of 1.0870 minor support will flip intraday bias back to the downside for 1.0718 support. As noted before, break there will indicate that price actions from 1.0631 are merely consolidation in the larger decline, which is still in progress for another low below 1.0631 before completion. On the upside, break of 1.1123 resistance will confirm that whole rally from 1.0631 has resumed and affirm the case that USD/CAD has indeed bottomed out already. In such case, stronger rise should be seen to 1.1723 resistance next.[actionforex] Trade Idea: Buy UsdCad P&F USDCAD5 Box Size 10X3 or(0.27%) HI/LO Data 1.1101 - 1.0791 ~ 0 Month ~ 7.27 Day Database 1508 records 1.10269 (Last Close) 2009-08-28 00~50 2009-09-04 07~25 (GMT+01:00) Paris BJF Trading Group Code: 1.1110|~1O|||_________________________________|-0.08%|2.96% 1.1100|~2O|||=====================X===========|0.01%|2.86% 1.1090|~3O|||_______X_____________XoX_________|0.1%|2.77% 1.1080|~4O|||_______Xo____________XoXo________|0.19%|2.68% 1.1070|~5O|||_______Xo____________XoXoX_X_X___|0.28%|2.59% 1.1060|~6O|||_______Xo__________X_XoXoXoXoXo__|0.37%|2.49% 1.1050|~7O|||_______Xo________X_XoXo_oXoXoXoX_|0.46%|2.4% 1.1040|~8O|||_______Xo________XoXoX__oXoXo_oXo|0.55%|2.31% 1.1030|~9O|||_______Xo________XoXoX__o_oX__oXo|0.64%|2.21% 1.1020|~1OO||=======Xo========Xo=oX====oX==o=o|0.73%|2.12% 1.1010|~11O||_______XoX_______X__o_____oX_____|0.82%|2.03% 1.1000|~12O||_______XoXo______X________oX_____|0.91%|1.94% 1.0990|~13O||_______XoXo____X_X________oX_____|1%|1.84% 1.0980|~14O||_______Xo_o____XoX________oX_____|1.09%|1.75% 1.0970|~15O||=======X==oX=X=XoX========o======|1.18%|1.66% 1.0960|~16O||_______X__oXoXoXoX_______________|1.27%|1.57% 1.0950|~17O||_____X_X__oXoXoXoX_______________|1.36%|1.47% 1.0940|~18O||_____XoX__o_oXo_oX_______________|1.45%|1.38% 1.0930|~19O||___X_XoX____oX__oX_______________|1.54%|1.29% 1.0920|~2OO||___XoXoX____oX__oX_______________|1.63%|1.2% 1.0910|~21O||___XoXo_____oX__o________________|1.72%|1.1% 1.0900|~22O||___Xo_______oX___________________|1.81%|1.01% 1.0890|~23O||___X________oX___________________|1.9%|0.92% 1.0880|~24O||o==X========o====================|1.99%|0.82% 1.0870|~25O||o__X_____________________________|2.08%|0.73% 1.0860|~26O||o__X_____________________________|2.17%|0.64% 1.0850|~27O||oX_X_____________________________|2.26%|0.55% 1.0840|~28O||oXoX_____________________________|2.35%|0.45% 1.0830|~29O||oXoX_____________________________|2.44%|0.36% 1.0820|~3OO||oXoX_____________________________|2.53%|0.27% 1.0810|~31O||oXo______________________________|2.62%|0.18% 1.0800|~32O||o================================|2.71%|0.08% 1.0790|~33O||_________________________________|2.8%|-0.01% Column|~34O||954135411373993581345954641133533| Count|~35O|||___2___81________4________OO_____| PDF
will buy USDCAD if it breaks 1.0828 stop at 1.0665 target 1.1000 (but will watch closely at 1.0890 to see if it looks like it may reverse) Happy Trading!
Obviously, this went up to that 1.0880-1.0890 area and reversed pretty quickly, I would not hold on to this trade if you are still in...
These orders will trigger tonight, most likely......during EU session EURCAD Sell at 1.5845 Stop at 1.5690 Target 1 1.5560 Target 2 1.5410 EURGBP Sell at 0.8723 Stop at 0.8830 Target 1 0.8670 Target 2 0.8540 AUDNZD Sell at 1.2243 Stop at 1.2478 Target 1 1.2200 Target 2 1.2140 EURAUD Sell at 1.6835 Stop at 1.7010 Target 1 1.6740 Target 2 1.6400
are you using pnf to choose your sr? how different are your results in a ranging market? just curious . im sure you still make money, but just wanted to know if it is a bit less.
Hi Not sure what pnf is, can you let me know and I can respond to your question....... As for ranging markets, well, sometimes it helps to drop down to lower timeframes........ but otherwise I simply wait for price to get extended before entering.... Happy Trading!
if the Kiwi trades below 0.7175 during the European session I will sell and target 0.7110 and then target 0.6950 with stop at 0.7315