USD.CAD

[arco]

The Long and Winding Road, takes me to...

another 34 pips overnight..........

Short from 2695 - Currently +445 at Wed close.

Anyway you'll never know the many ways I've tried, but
Still they lead me back to the long and winding road

[arco]

All good things have to come to
and end. Major Gann and his chaps
situated at 2207 stood firm
without flinching and repelled the
loonie invader.

Stop hit at 2338 + 357]

[arco]

Feeling lucky?

Might be an opp here for a low risk long.
Recent low 2230 and Major Gann at 2207.

Be on the look out for a possible reversal pattern.

[arco]

With Fridays close at 2184 and Major Gann positioned
around 2207 the Loonie will soon head north with its tail
between its legs IMVHO.

Fly north you loonie bird, and be quick about it.

Hesitate at 2451 if you dare - to coin a phrase.

[Xerof]

Yes I tossed and turned over buying USD/CAD on Friday night, but thought I'd wait and see what happens early this week. Might add a sliver or two on a trailing s/l entry above your infamous 12207 level. Seems a very high correlation with oil is driving this pair short term, for what others are saying....

Xerof

[Xerof]

Arco, what sort of tolerance can Gann can, before Gann can't?

[arco]

Xerof

Good question.
But, there is no answer to it unfortunately.

All I can say is that in theory Gann 2207 should
be a very powerful support.

Additionally the action is within a Butterfly
target reversal zone, and just on the new uptrend line.

arco

[Xerof]

Arco, what about the fairly obvious bearish flag on the weekly?
I guess we need to wait for the end of this week, as last weeks close on the flag bottom was very borderline and probably couldn't be called a breakout

[peat]

Xerof
yes it looks like a med-long term continuation pattern to me
this just came out from GFT news
"It is one way business as far as [USD/CAD] is concerned with the post employment data reaction for both the US and Canada falling in favour of the downtrend. Refreshed technical sell signals though 1.2250 have now combined with the upbeat fundamental picture for the Loonie and players are looking towards tests of 1.2000. This week's chief risk events lie with either BOC or trade data. However, players see both as potential boosters for the downtrend, eyeing the CB meet to firm up the date of the expected first hike, whilst trade historically acts to garner support for the Loonie. Sales into strength are preferred whilst below 1.2300. A build of option barriers through 1.1950-1.2050 provide the mainstay of support. "

interestinly Martin calls it differently
says its going to build a base and advance
"Gold Coast Martin 06:51 GMT July 10, 2005
RE:CAD..12134 is its base for now with a 12268-78 GOOD TARGET....further out cad is developing a longing theme that will peak out at 12785-90 in the next 2 months...."

[Xerof]

I know Peat, we've got the best TA man and the man with the flows both taking a caning in terms of price action (thats not a criticism of Arco or GCM).

I want to get in but some little bird (perhaps its the Loonie) keeps telling me to stay out, and so far its paid off.


Arco, could you oblige with a post displaying your emerging butterfly reversal - I can't see it, but then I'm no lepidopterist and it may be well camoflauged[|)][|)]

Xerof (cabbage white)