Quote:
Originally Posted by Big Mike
It looks like USDCAD formed a small 36h triangle with the terminus at 1.01
Once it breaks down, which should be within the next few hours, it will drop by at least 1 cent.
If you wanna short, do it now.
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Good call on the directional break Mike.
I'm still holding on to my medium term long from just above parity. Sticking with it though the short term trend is starting to turn against me. let's see if the next swing swing high on the 15-minute chart can see a higher high and higher low. That would boost the confident in my position.
As a side note, NZDUSD is still near the floor of the trend channel it has formed since the end of September. The range trade we recommended in DailyFX+ last night made profit on its first lot and the stop on the more aggressive second lot was knocked out after it was bumped up to break even. I took the same action in my own account, but I didn't move the second lot's stop to break even. Lets hope it doesn't break lower and make me regret that. However, with liquidity sinking quickly, I have a feeling that we will chop along until will get a really big break out move that only gets as far as stops and limit order filling can push it.
