Last 1.0682.- Monthly : Nov07 bottom was signaled by a spike bottom at 0.9056. In Oct09, we see another spike bottom at 1.0204 which I assume is another trend reversal. (USD/CAD turns characterised by spikes?)
- Weekly : DownTL was broken in Nov09 and we have since been consolidating sideways with a few spike lows around 1.0400. Awaiting early signs of a developing uptrend.
- Daily : Triangle consolidation since Oct09. This current trade above 1.0662 = triangle breakout suggesting upside.
- Trade : Fresh long the break of 1.0662. [In average 1.0678]. Add on break of 1.0750.
- Game plan is to go long on signal from the lowest time frame daily chart. From here, we hope that the up trade will eventually translate into buy signals on the higher time frame charts. This head start will give us bullets to engage seriously when the weekly signals (eg a periscope candle) show up.
17 December 2009
USD/CAD : Trend Reversal
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