YW multi day trades are great but a lot of patience is needed and good entry points are critical Good Luck and Good Trading!
Well the fact that prices will go down should stop more new housing starts because the reward part of the risk/reward equation will obviously decrease. A housing implosion will also come in the form of less lending (i.e. less subprime risk). I think the demand will dry up because there will be all of a sudden fewer buyers (lenders will not lend so freely) You are correct that the housing market effect will be lagged but not as lagged as may be thought. Basically I think the number of housing starts will decrease dramatically because many home builders will still be trying to sell the homes the just built. I could be wrong, just something to think about I guess, I just can't see housing data going any higher with all this risk that has presented itself in recent weeks
Well there we go ... I got a low of 1227 Unfortunately this low was very fleeting. Looks like the USDCAD is forming a strong hammer candlestick formation which could indicate a temporary bottom and the start of a relief rally. Remember the next daily bar is crucial in confirming this temporary bottom formation. If this formation holds true we could see a retracement to mid 1440s by early next week. Trigger fingers ready. My short term idea is to wait out the asian trading period for a possible dip and buy with a target in the mid to low 1400s lets see what happens
waited a long time for this, it seems that everyone is saying that usd/cad will rise to the 1400 ish mark before another down leg on its way to a final bottom at 110 or 1.09 ish. as a newbie trader i look to guys like yourselves for hints and tips but surely the pair cannot fall much more then 1.09, or am i wrong.
Why not bannisterj? In the early 80s USD was worth less than CAD. I remember in '89 going snowboarding at mt Baker in Washington state - they would take CAD at par. The vocabulary of "cannot" and "should" should never be used when talking about what a market may do Best regards, MK
Now i got the jitters mk if i think theres a chance it could go way below 1.09, but then again this is why i love this business, thanks mate
Going long usdcad here at 1.224. stop below the lows at 1.215 Profit 1.150 or so basically a 20 or more to 1 risk reward. If stopped out will probably reenter on a reversal bar.
Darn it, saw a drop from 1.1280 ish to 1.1256 and went long, only to see it drop another 30 pts, god this is frustrating, am gonna keep hold though as i see it coming back to at least 1250 (fingers crossed)
boy was I wrong ... I was also buying in the 80s got out of half at 1300 and then got my stop hit at 1260s I am also going long usdcad 1227 & 1224 with stops in the single digits ... looking for a similar bounce as yesterday double bottom anyone?
Looking recently back when it bottomed and then rose to the 1850 mark, i am battling with the idea that it will possibly repeat that show with a lift of some 800 pts over a few months, just something that stops me jumping off a cliffe cos the cad hit me where it hurts again today