Dollar/Loonie have been ranging upward in this channel for a year now. We are currently at or near the channel top and we've had a trend line break. I'll be looking for a flag to get involved. This could go all the way down to the channel bottom. Once you choose your entry point remember to set your stop loss and stick to it. If it goes back up take the hit. If it moves south first move stops to zero and then to protect profits as price moves down
I update my ideas as they develop so remember to follow to receive them. You can also follow updates via twitter (link via my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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This is the D chart showing the channel - we can see that we often have a sharp short move after this type of aggressive move up. The green arrow shows direction only - we'll have to see how the short trade develops. I'll keep you posted on any developments. Remember I am not in this trade yet I missed the breakout and now I am waiting for an entry set up.
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This is developing nicely - we're looking for a break of this corrective structure (flag) for a short entry
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Price has consolidated for a few days now and I'm still looking for a breakout (short) If it doesn't break then I'm not in the trade. Remember we make a prediction based on our knowledge and decide which trade we are looking for. If price does something different we stay out.
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This may be the breakout we've been waiting for. Don't open a position on a moving candle wait to see if the breakout holds - see blue line drawing
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This is still hanging around near the top of the channel - this looks like a triangle forming so watch out for a break either way. My bias is still short but if your not in this trade stay out until we get a break
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The dynamic nature of analysis is evident here. This no longer looks like a triangle but rather a rising channel. Still looks short
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OK we've had the short breakout I expected. I think there is plenty more down side to this so any correction to this move down could present a nice opportunity to get short.
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Bastosai
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I'm with you for this breakout! Let's see the behavior in the next candles. Best of luck.
SteveNixon
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@Bastosai, You're right - just be patient to make sure it doesn't retrace back up
terence101
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Ah your back! I wondered where you were
SteveNixon
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@terence101, Hi Terence, my computer crashed over Easter holidays and I was off line for a week or so. I lost all the work I had done for my training programme so I'm having to re write it all so I haven't been trading much lately. A bit of a nightmare all round but I getting back into it now. Thanks for asking.
jojofang0901
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Very nice trade setup, thank you for sharing your idea. i have similar view on this pair as well.