Such a weird week. So much volatility! USD/CAD did manage to make a new low with such volatility this morning, so that complicates things.
Hmm, price made a 38% pullback on the big drop down, which is a fib level. (google fibonnaci) Price is sitting at 1.0100. There was a big jump up just before last week ended, and there was a big drop down this morning, so that price instability should be over with. The new low is barely a new low, meaning that the pullback is losing a lot of steam. Price is also about 50 pips below the 50 EMA, while the 50 EMA is below the 200 by about 25 pips.
Gold seems to be hitting a resistance level. It's been on a descending triangle for the longest time, and this could be the last time it tests the resistance level.
If I get into a bull position, I'll have a risk of about 45 pips. So my risk:reward is going to be 1:2.2. Let's see if we can reduce the risk to about 30 pips by waiting for price to go down a little. (Might already be there as we speak!) That would bring me to a 1:4 r:r ratio! Looking for about 120 pips profit.
I've been watching this as well, but currency trading is the riskiest, no?
Yes, it's been said currency trading is the riskiest. That, and future's can be supe risky. Yet, the bigger the risk, usually, the bigger the reward.
Not to be too off-topic, but you seem like you know what you're talking about. If I have a bunch of GBP I need to change to CAD sometime in the next 3-6 months, when should I do it?
Probably never. Then again, don't take my advice!
EPT![[image loading]](http://i.imgur.com/SPEVR.png)
