USD/CAD, Daily Video January 26, 2016

[Sive Morten]

Good morning,

So, CAD has started well, let's go further:




The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[stelore]

Lovely Sive,
thanks for you updates on EURUSD and UJ too !!!

 

[Brett Reynolds]

Didn't .. like that loonie trade..from the start. I don't think you should 'ever trade against' a Bearish engulfing candle as you never know how far retracement will be within it!?

 

[Sive Morten]

Didn't .. like that loonie trade..from the start. I don't think you should 'ever trade against' a Bearish engulfing candle as you never know how far retracement will be within it!?

This was not as dramatic. Our entry at daily K-support was nice, breakeven stop after first leg up saves from any trouble. Yes, market has not reached target at this time but this was painless for us.
Our second entry has not even happen since market has dropped like a stone through all supports at US data has been released...
This case just confirms again major idea of taking positions at strong support areas. If even you will become wrong - level strength will give you chance to leave the trade with minimum loss.