CAD Setup
December 14, 2005 by Trader Rich
I’ve executed a short on the USD/CAD this evening at 1.1512. I’m looking for the swing trade into the wave. I’ve placed my stop at the 34 EMA High. If you notice the chart, there is also excellent resistance from a downtrend line that breaks through the middle of the wave and the 38.2 % fibonacci above.
; "USD/CAD")
Popularity: 1%
Loading ...
So much for Raghee’s Swing trading method. 0 for 2 tonight. The price busted right through the top line of the Wave.
So much for Raghee’s Swing trading method. 0 for 2 tonight. The price busted right through the top line of the Wave.
The thing that scared me the most on this short was the fire power of that candle 4 from the right and the hammer before it - very poweful reversals.
(armchair observation)
The thing that scared me the most on this short was the fire power of that candle 4 from the right and the hammer before it - very poweful reversals.
(armchair observation)
Noted. I’ll definately keep an eye out for candlesticks next time I think I have a setup.
Noted. I’ll definately keep an eye out for candlesticks next time I think I have a setup.
Rich, how are ur statistics like for Raghee’s method so far?
Rich, how are ur statistics like for Raghee’s method so far?
I don’t know if Raghee would have entered any of the setup trades that I’ve done using her methods but in general, I can’t really say that I’m all too impressed with the performance so far. The swing trades I’ve entered over the past 2 weeks using her method have not gone well. But either way I like her simplicity and I think it has helped me to see quickly if a trade is not going my way. I like the wave and clock angles but I guess I’m in a state of flux right now where I’m trying many different methods and sometimes they get all fused together into some wild crazy setup.
I don’t know if Raghee would have entered any of the setup trades that I’ve done using her methods but in general, I can’t really say that I’m all too impressed with the performance so far. The swing trades I’ve entered over the past 2 weeks using her method have not gone well. But either way I like her simplicity and I think it has helped me to see quickly if a trade is not going my way. I like the wave and clock angles but I guess I’m in a state of flux right now where I’m trying many different methods and sometimes they get all fused together into some wild crazy setup.
well, i’m glad that u have other methods that u’re trying out! personally, i would say dont take Raghee’s methods too seriously. Remember - Raghee uses a [b]34-[/b]period EMA. That’s definitely gotta be some slow EMA.
well, i’m glad that u have other methods that u’re trying out! personally, i would say dont take Raghee’s methods too seriously. Remember - Raghee uses a [b]34-[/b]period EMA. That’s definitely gotta be some slow EMA.
She also metioned momentum. This chart looks like the upward momo was strong. If it climbed slowly than it would be a go. More of an art than a science is what they say, right?