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opeola's Blog
CAD Uptrend Continues
I expected the bullish trend of the CAD to continue; so, I waited for USDCAD to pull back to the 50Hr EMA, then took a short position. For a good measure, I shorted EURCAD too but they both are duds so far; therefore, I'll close EURCAD but leave USDCAD open.
The short-term target is still 1.2500 for USDCAD, but 1.2300 for the medium-term.
The short-term target is still 1.2500 for USDCAD, but 1.2300 for the medium-term.
Retracement for Loonie?
Considering that the loonie had two consecutive down-days and the 1400GMT candle closed with a long lower shadow, I expected the pair to retrace to the 50Hr EMA for the short term.
I took a long position hoping the FOMC minute release at 1800GMT would make that happen but the market said no to that. Hence, I'm changing the TP to break-even.
I took a long position hoping the FOMC minute release at 1800GMT would make that happen but the market said no to that. Hence, I'm changing the TP to break-even.
Distracted
An ECB official made a comment around 1100GMT which made EUR pairs pop to the upside. Didn't think there was anything to the comment so I guessed EUR pairs would head the other way. Shorted EURUSD and EURJPY only for them both to stall. I was able to close EURUSD at break-even but EURJPY was stopped out.
While my attention was on EUR pairs, CAD pairs were moving down like I said they would yesterday but I ofcourse was not in position. So loonie made a huge move down without me. I still expected …
While my attention was on EUR pairs, CAD pairs were moving down like I said they would yesterday but I ofcourse was not in position. So loonie made a huge move down without me. I still expected …
Cable and Loonie
GBPUSD formed a hammer after a push higher which suggested it may be reversing direction. So I took a short position with a TP at the 50Hr EMA. However, this didn't pan out because reversal stalled and was stopped out at break-even.
The news that NAFTA will no longer be finalized this week have CAD a boost. CAD had taken a beating when NAFTA was first called to be renegotiated but after it's known that the U.S. is just using it to get Canada on her side for the war against China, CAD has been st…
The news that NAFTA will no longer be finalized this week have CAD a boost. CAD had taken a beating when NAFTA was first called to be renegotiated but after it's known that the U.S. is just using it to get Canada on her side for the war against China, CAD has been st…
What a Ride!
It was a roller-coaster ride with NFP today. My focus was on GBPUSD as the news came out. The pair moved up as it should but reversed after 5min and went back to the price before the news. This looked to me like it was going down so I decided to fade the news as soon as it reached the high the news created.
This didn't happen because the pair just went through that high and kept going. Took me a while to realise my plan was failing so by the time I got out of the short position, I was 28pips dow…
This didn't happen because the pair just went through that high and kept going. Took me a while to realise my plan was failing so by the time I got out of the short position, I was 28pips dow…
Fading Today's Move
My attention was first drawn to USDCAD this morning. Imagine my frustration with seeing that the pair hit 1.2750 just like I predicted two days ago; unfortunately, I didn't benefit from that move because I was stopped out yesterday. Oh well! You win some and you lose some I guess.
USD was strong against all the majors today except CAD. This moved GBPUSD lower by more than the average daily range of 90pips...I therefore expect a retracement to the 50Hr EMA since I couldn't see any reason for the …
USD was strong against all the majors today except CAD. This moved GBPUSD lower by more than the average daily range of 90pips...I therefore expect a retracement to the 50Hr EMA since I couldn't see any reason for the …
Hammer on EURUSD
Just like yesterday EURUSD formed a hammer at the 200 Hr EMA which suggested a bearish sentiment so I took a short position. However, it didn't pan out...after moving to 1.2270, it made a u-turn back up to stop the position out at break-even.
Other than that the market was up and down the whole day.
Other than that the market was up and down the whole day.
20180403 Trades
EUR/USD pushed higher during the European session but had no follow-through forming a hammer on the hourly at 700GMT. This suggested a bearish sentiment so I faded the pair for a 40pip profit.
USD/CAD took a nose-dive on the news that Trump will annouce initial NAFTA deal next week. The market believes this will be favorable to the CAD hence the move lower. This is a strong sentiment so I expect the pair to hit 1.2750 by tomorrow if the momentum persists. I'll close the position at market if I s…
USD/CAD took a nose-dive on the news that Trump will annouce initial NAFTA deal next week. The market believes this will be favorable to the CAD hence the move lower. This is a strong sentiment so I expect the pair to hit 1.2750 by tomorrow if the momentum persists. I'll close the position at market if I s…