08 March 2014

USD/CAD : Strong Bullish Conviction

  • Monthly : Bullish Periscope breakout + SHS Bottom (at 1.0656).
  • Weekly : Strong uptrend.
  • Daily : Looks like price action since Feb = possible triangle consolidation of strong gains following the initial break of 1.0656 in Jan14. Upside boundary of triangle is now at 1.1177. Buy break. Keep position size under strict control within triangle.
  • Trade : Late to the long trade thus entry point not optimal, but did manage to sell some near the recent high of 1.1194 so latest pull-back to 1.0953 did not cause too much actual P&L pain. Post US (strong) and Canadian (weak) last night, position looks healthy again.


Anonymous said...

TS, you mean strongly convinced, not convicted I hope ;-)

Taichiseal said...

Hahaha. You are right. Amended.

Taichiseal said...

Reduced some longs at -1.1118

Taichiseal said...

Earlier SQD at -1.1118

NEW series : +1.1100. Fresh trade altogether.

Don C said...

Hi guys,

Just got reminded of this line elsewhere a few seconds ago, and thought it appropriate here:

"The best lack all conviction, while the worst
Are full of passionate intensity."

Heh, I mean nothing at all with this line. Twas just a random juxtaposition of similar words and timing.

Dunno who or what are the best or worst. I guess as traders, we just want our trades, both the good and bad, the best and worst, to work out. I'm pretty convinced of that.


Taichiseal said...

New round of trades :=

+1.1100 (3X)
+1.1135 (1x)

Taichiseal said...

Don - "bulls and bears make money, pigs get killed"