Yesterday night the USDCAD started to trade in a bearish market condition and earlier today it gave me a signal to go short:
USDCAD
It looks ok now, it is also trading below every important level in the short term charts, indicating a very strong downtrend in the USDCAD
Trade Safe!
Raul Lopez
The USDCAD has been rejected from the main resistance zone around 1.0680:
USDCAD
It will probably continue its way down to the next LT support zone around 1.0412, therefore I will be looking for short opportunities.
Trading Plan:
As long as the USDCAD keeps trading below 1.0607 I will be looking for short trade opportunities.
Long opportunities will be ignored.
Trade Safe!
Raul Lopez
The USDCAD is trading at an important LT level:
USDCAD
We need to wait for the market to break either side of the range, then we’ll start looking for a trade opportunity.
My Plan:
If the USDCAD breaks the ST resistance level, it will trigger a bullish market condition and I’ll be looking for long opportunities.
If the Canadian Dollar breaks the ST support level, it will trigger a bearish market condition and I’ll be looking for short opportunities.
Trade Safe!
Raul Lopez
An image is worth a thousand words:
USDCAD
Pretty clear isn’t it?
It is right in the middle of the range, we still have a long way before the USDCAD reaches the next LT resistance level, and therefore long opportunities are in play.
Here is my Trading Plan:
As long as the USDCAD trades above 1.0491 I will be looking for long trade opportunities. My next LT level is at 1.0691
Short opportunities are out of play in the Canadian Dollar
Trade Safe
Raul Lopez
Ahhh man, I thought that after the NFP announcement last Friday we were going to see more trading opportunities, but that’s not the case. Last week most pairs ranged, in the first two days of the week we have more ranges, just one opportunity: Short USDCAD (we wrote about this yesterday), but in the others… nothing for no one….
Trade opportunities:
USDCAD – Short
Trading at an important level:
EURUSD
USDCHF
USDJPY
EURGBP
GBPCHF
EURJPY
Not clear market condition:
GBPUSD
GBPJPY
NZDUSD
However, remember we got 6 pairs trading at important levels, as soon as they get out of the short term range, we’ll be trading them. Anyway, remember we are not supposed to trade every day, we are supposed to trade when we really have a good chance to win.
Trade Safe!
Raul Lopez
The USDCAD traded in an undefined range for a while, but now it has broken a major support level indicating a strong bearish market condition:
USDCAD
This market condition is likely to continue until it hits the next long term support level at 1.0273, until then I will be looking for short trading opportunities.
My Trading Plan:
As long as the USDCAD keeps trading below 1.0606 I will be looking for short trading opportunities. All TP orders will be set above the next long term support level at 1.0273
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
free trading sessions (which you can subscribe from here).
Today the market is clearer than yesterday, we have plenty of trading opportunities in the EURUSD, USDCHF, USDCAD, GBPCHF and more. Please see the video for details.
In this video: Daily analysis on major forex currency pairs (and some crosses):
If you cant see this video you need to download this codec
The EURUSD continues to trade in a bullish market condition, I’m still long here and I think I will hold this trade until it reaches 1.5300ish. Today the market had a retracement, after the core CPI announcement, luckily it didn’t broke the short term support level. Still looking to add positions.
The USDCAD yesterday was in a bearish market condition, it broke the short term range for the downside but it came back up. So right now I have widened up the short term range and waiting again for the market to break either side of it 1.0356 – 1.0207. If the market breaks the ST resistance level, I will be looking for long trading opportunities. If the market breaks the support level I will be looking for short trading opportunities.
Trade Safe!
Raul Lopez
Looks like the USDCAD will head for parity. The market traded in a range for a few days, that’s the kind of behavior we usually see when the market reaches an important level. But right now, it looks like the USDCAD is out of that range. Take a look at the next chart:
USDCAD
My Trading Plan:
As long as the USDCAD keeps trading below the 1.0268 I will be looking for short trading opportunities. All take profit orders will be set above the parity (strong support is expected around that zone).
All long opportunities will be ignored.
Trade Safe!
Since the first days of August the USDCAD has been trading in a range in between 1.0659 and 1.1067, but today is out of it. Take a look at the next chart:
USDCAD
In the chart above is clear that the USDCAD is out of that range, this puts the USDCAD in a bearish market condition.
My Trading Plan:
As long as the market keeps trading below 1.0622 I will be looking for short trading opportunities. All my TP orders will be placed above the next long term support level around 1.0319
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
