USD /CAD and the Candles

[sarath]

Hi Joe

In the last few Alerts you have been mentioning that the USD/CAD might be forming a bottom. Based on the numbers given by you I have been following them closely and also found that couple of candlestick hammers were formed at the bottom.

Based on the hammer and your number for the strength, I went long last night around 1.227 (thursday) and I might let it run.

As an ardent candlestick follower, I find that your numbers lead the candlestick and allows me to place trades by guessing how the candle at the end of the day would form. Your various key numbers provide the cushion in case of a reversal

Thank You

sarath

(primarly EUR/USD)

[ForexJoe]

Sarath,

Superb effort, congrats

this is how to use tools provided to fit specific trading personality along with current tools used...

Stay the Course

Forex Joe

[sarath]

Anyone stalking USD/CAD - this pair has been in the downtrend from April 1 losing close to 750 pips. Is it showing signs of moving up. My plan is a s follows for this and the next session:

Entry: 1.2100
SL: 50 pips

TP1: 1.2140
TP2: 1.2180
TP3: 1.2225 (also point of strong resistance)

Any other thoughts

sarath -> eur/usd

[sarath]

Got TP2 and TP3 never materialized; Canadian CPI was not a catalyst enough.

Would watch this pair for the coming week for upward movement.

Joe, The TP levels makes the trade less stressful

[sarath]

Hello

based on April 22nd Report, this is my plan for this and next session

Plan A:

Buy 1.2380

SL: 1.2330

TP1: 1.2425
TP2: 1.2470
TP3: Gravy Train

Plan B:

Sell: 1.2345 (Below predicted M2)
SL: 1.2385
TP1: 1.2300
TP2: 1.2280 (just above M1)
TP3: Gravy Train


Any other thoughts, please share

sarath

E,P,C

[sarath]

The TP1 target was not got. Made a small loss from the trade.

Would watch if Plan B will yield fruit - the price is close to the predicted low from the report and hence can move up as well.

**Note** Contrary to the daily report that recommended to Buy only when it clears 1.2425, I made it early in view of the possible news driver and it is a chance one takes.

***UPDATE***

In the down run, got my Tp1 and TP2 and letting the last lot run as I have moved my SL to Break even +10

[ForexJoe]

For Current Session Monday to Tuesday afternoon close

M3 1.1811
Bias 1.1805
PIVOT 1.1781
Key 1.1754
BID 1.1722
ST21 Lo 1.1722
SML Lo 1.1722
Key 1.1695
Bias 1.1645
M1 1.1633