Completing the Bat Pattern at 1.4820 H4 RSI has not turned down yet, if it does, it will be showing us a bearish divergence
I will be more patient/cautious on this, reason being : - price has just been going up and up with no indication of stopping yet - Oil made a double top at $52 and is now $46.50, giving weakness to the CAD
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Not in the trade. There is just no reason to take the short. Price keeps going higher, RSI also making higher highs. Now at resistance 1.4900 levels. Will see how it reacts to this resistance level.
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Sorry for the late updates. I took a short when I was on the move after the break of the TL support at 1.4757. Just got home to do this updates.
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After the pair showed a double top on H1 at the 1.49 resistance. Typo : Entry was at 1.4857
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Drawing a resistance TL off the top (2Nov), price now 1.4882 is currently being resisted by this TL. My SL is at 1.4935 above the horizontal resistance line.
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I am out of this trade with 78pips loss. Crazy movement on this pair, still going higher
Do you think that the fact of the oil weakness will eventually effect also the AUDCAD as if I am not doing something wrong I can see an AB=CD pattern on that pair and at the extremes of a parallel channel, I can also see some bearish divergence with RSI on this pair.
I would love to have your opinion on this one.
Thanks & Regards,
Ludwig
BoonHooi
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Yes, Oil does affect the CAD. (Facts : Canada is a huge exporter of oil). Oil up, CAD up & the vice versa hold true.
Since the oil is mostly exported to the US, the USDCAD pair is very sensitive to oil prices.
Very nice spot here. I didn't see it myself. Thanks.
I have the AB=CD on the AUDCAD terminating at 1.0342
This also coincides with the 13th April 2014 high. Perfect. Let's watch this one too.
Shall I share this AUDCAD on a separate new post
lbrincat
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Hi BoonHooi,
Thanks for your interest and reply. I saw you shared it on separate post not a problem at all I am happy to be of help to others.
Do you think that the fact of the oil weakness will eventually effect also the AUDCAD as if I am not doing something wrong I can see an AB=CD pattern on that pair and at the extremes of a parallel channel, I can also see some bearish divergence with RSI on this pair.
I would love to have your opinion on this one.
Thanks & Regards,
Ludwig