Wednesday, March 21, 2007

Canadian Dollar



Yesterday I commented on the strength in the Canadian Dollar. I put my long position back on this morning after seeing yesterday's strength follow through today. I also like the 1-2-3 bottoming formation that has developed over the past 2 months. I never should have taken the position off 2 weeks ago. Big mistake!

My original reasons for being bullish on this currency can be found here.

5 comments:

kk said...

Hi Kevin,

Sorry to hear that your position was taken off. However, a surge from 1.1700 to 1.1826 is not a small number, that's more than 100 pips. Everyone would get nevous about this and almost all would be stoped out if there is a stoploss.

I wonder if you could let me know how much you use the leverage. I feel uneasy to use above 50x. (100x means 100pips will wipe anyone out in a standard account.) Which platform you use? I feel that mine takes off way too many pips per day in the roll over.

Is it possbile for you to show us the updated two charts that you showed us before? Thanks a lot!

Kevin said...

Hi KK,

A friend of mine is a currency trader so I had him put the trade on for the two of us. I'm not sure exactly which platform he is using.

In a few days I'll post an updated chart of the Canadian dollar along with the commercials and the cycles.

brd said...

Do you think the FXC etf is a good way to play this? It looks very thinly traded.

Kevin said...

I'd love to trade FXC but it's way too thin..

gurlate said...

i am still betting against further deterioration in USD...
traders or programs read it wrong..
yeah this is called "tape fighting"

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