Ivan's Trade Thread, part II

Short USDCAD

Hourly chart, fib resistance @ 1.2459 (already broken but price bar closing below that in 15 minutes should confirm validity)

Entry: 1.2443

Stop Exit: 1.2483
Profit Exit: 1.2350
 

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Quote from davidmaria1:

That's what has me confused. Aussie rates are approx 4.25%, versus a much lower EUR rate. It would seem to make the AUD more attractive. All other EURO pairs are dropping, except this one. Do I have it backwards? Is it a run-up, or, as Ivan mentioned earlier, is it already baked in?:confused:
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Good question - me too. The pair has been trading from 1.85 - 2.05/2.10 since its October runup. I can't imagine things in the outback are much worse, or as bad, as things in the EZ. I'm a small-position shorter at 2.005 - 2.01 if I'm watching when it hits.
 
All the commodity currencies are weak. Increased risk of global recession implies worse outlook for commodity prices hence the sell off. A stronger USD doesn't help either. Support for Kiwi at 5200, for AUD around 60-61.
 
Quote from womblevader:

All the commodity currencies are weak. Increased risk of global recession implies worse outlook for commodity prices hence the sell off. A stronger USD doesn't help either. Support for Kiwi at 5200, for AUD around 60-61.
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Right. Mining operations are huge in Australia.
 
Quote from SchraderTrader:

I consider every trade setup to be unique so every risk/reward profile is going to be different. The EURUSD short happened to have shown me an excellent R/R opportunity (much appreciation to Ivan for bringing the pair to my attention today) so I bit.

I'm still feeling out the various pairs so I scale microlots. On this trade I opened with 3 and have another order positioned just below the .618 retracement @ 1.3198 for another 2.

I've found if I keep the size small enough where it's not going to keep my up at night or keep me glued to the screens I'm able to form better analyses and in turn, find better opportunities (100+ pip moves).

I'm reading everything I can over at babypips.com and forex4noobs.com.
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thanks...great answer...I really need to be headed towards setting orders and not 5-10 minute trades...
 
I took a small short position in EURAUD. Looks to me like it may work lower over the longer term. I will stay short unless the downtrend line is violated on a daily close basis.

Short @ 1.9976
 

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Quote from downrivertrader:

USDCAD is a bit confusing to me. Looks like it is a critical stage to leg up or down again. Looks like it might head down to 1.12 area again to me.

I am short @1.2472
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USDCAD
I just entered 3/5 of a short position @ 1.2450. This is a tough one though - very bullish on a daily basis.
Limit Exit: 1.20

EURAUD
Short Entry: 2.0007
Stop Exit: 2.0075
Limit Exit: 1.9650

Stops will be adjusted on a gut-basis.

cad_weekly.gif


euraud.gif
 
EUR/AUD has been in a range for over 6 hours.
When it breaks, it will be big, in my experience.
If it stays below 1.9900 for a while.
Been climbing since the 6th, still plenty of room.
 
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