Usd/cad
- Thread starter Ivanovich
- Start date
skepticaltrader
Guest
You're right, it does look like its in a nice uptrend.
Knowing my luck, I'll jump into it going long and it'll turn south. I'll have to keep an eye on this one.
Thanks for pointing out the uptrend.
normally I'm not a big fan of trends, and would only trade one if other indicators support the trade/move.
In this case, though, with Iran threatening to cut oil exports, attention on CAD's oil may grow.
that will result in a continued surge...?
Off the top of my head I cannot think of a more clearly defined trend in any other major pair since April.
Even if it were to fall back 2 or 3 hundred points I think there'd still be an upward momentum.
I'd have traded it before now but my broker just started offering the pair recently.
Almost 15-cents one way in little over 5 months is not a bad showing. Maybe we'll be surprised and get another 500-pts out of it.
Here's another view of it.
skepticaltrader
Guest
From observing your chart of the CAD/JPY, it appears to be moving towards the upper trend line, (or Regression line).
I would think we could get one last wave of buying here until is bounces off that upper Regression line.
The overall trend (at least on the Daily chart ), still looks up, but we should get a retracement and that would be a good point to get into this trade.
Are you going to take up a long position now or will you wait for a small retracement?
BTW, I use FXCM for my Forex boker and their Pip spread for the CAD/JPY is 10 pips. With a Pip spread this high, this is a long-term hold.
No, I'm already in long at 97.81.
10-wide?? I was seeing spreads less than half that on Oanda. FXCM sucks by comparison.
As for my trading plans on this pair, I only wish I had gotten in months ago but the pair wasn't available to me until lately.
I always shied away from trading CAD especially USD/CAD - the #s just didn't fit my system.
But since CAD/JPY is now available to me, the pair just squeaks under my acceptability standards.
For now I am longer term position trading it. It doesn't appear to be volatile enough to skalp.
Its 15-cent spike in 5 months is what really caught my attention. Going long, I'll even make money if it falls 1500-points against me.
Maybe it'll fall then start the upswing all over again.
Main aspects here, it seems, is oil (CAD) and economy (JPY).
I'm not up on Canada's interest rates but I know Japan's is still in the doldrums.
skz
skepticaltrader
Guest
Quote from FXsKaLpEr:
No, I'm already in long at 97.81.
10-wide?? I was seeing spreads less than half that on Oanda. FXCM sucks by comparison.
As for my trading plans on this pair, I only wish I had gotten in months ago but the pair wasn't available to me until lately.
I always shied away from trading CAD especially USD/CAD - the #s just didn't fit my system.
But since CAD/JPY is now available to me, the pair just squeaks under my acceptability standards.
For now I am longer term position trading it. It doesn't appear to be volatile enough to skalp.
Its 15-cent spike in 5 months is what really caught my attention. Going long, I'll even make money if it falls 1500-points against me.
Maybe it'll fall then start the upswing all over again.
Main aspects here, it seems, is oil (CAD) and economy (JPY).
I'm not up on Canada's interest rates but I know Japan's is still in the doldrums.
skz
I pulled up a chart of CAD/JPY on my Elliott wave software and it looks from this chart that CAD/JPY is finishing up a 5th wave.
I'm not much of an Elliott wave follower, but it doesn't hurt to look at it this way since there are a lot of Elliott wave followers out there.
About FXCM, they obviously don't want anyone to trade the CAD/JPY since the Pip spread is way to high for the retail trader.
Most likely, this pair is best trader for the investor with deep pockets.
BTW, what is the Pip spread of the CAD/JPY on Oanda?
Here is a daily chart of CAD/JPY using Advanced Get, (Gann Elliott Trading)
A 10 pip spread is nothing. 3, 5, 10 pip spreads have no effect on the outcome of the trade. You are either right or wrong on the direction of CAD/JPY, the spread won't fix a bad trade.
I have a Refcofx account and each pip would be about $0.86 USD on a 10k trade for the CAD/JPY. That trade would be $8.60 (.086%) to enter, you don't need deep pockets for a trade like that.
skepticaltrader
Guest
You're right, a 10 Pip spread is not that big a deal, but if you trade 1 lot in a $100k account then you are automatically in the red by $100.
This usually deters the small-time retail trader even though he/she can make up the difference if they pick the correct direction of the trade.
That would be $100 CAD I assume, or $86.00 USD. And 10 pips can be made up in 30 minutes or less on many occasions.