I plotted inverse oil here vs 
USDCAD, it seems there's a nice opportunity for a big short to close that spread. I'm long 
CADJPY and short USDCAD from earlier today, now made some time to post the weekly signal in USDCAD, which is cooking here. If price breaks 1.24603, a weekly down trend with a target @ 1.16536 will be active, predicting a 18 week decline is setting up. Stop loss for this setup should be a bit above the light red horizontal line on chart.
Best of luck,
Cheers.
Ivan.
USDCAD, it seems there's a nice opportunity for a big short to close that spread. I'm long CADJPY and short USDCAD from earlier today, now made some time to post the weekly signal in USDCAD, which is cooking here. If price breaks 1.24603, a weekly down trend with a target @ 1.16536 will be active, predicting a 18 week decline is setting up. Stop loss for this setup should be a bit above the light red horizontal line on chart.Best of luck,
Cheers.
Ivan.
Trade active
Note
Holding $USDCAD...
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Note
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Daily target hit: Weekly is still valid, so, holding it...
Note
I correct myself, the big signal here is in the monthly timeframe, not weekly.The local weekly trend is smaller, and part of the swing from the last top 8 weeks ago.
Here it is in monthly scale, in all its glory, plotted vs inverse oil.
Note
4 more weeks to go before consolidation in weekly scale. (this can trigger a monthly signal, which might justify holding it)
Trade closed manually
Banked it here, will wait for a new daily set up to rejoin, the weekly trend is active, monthly not yet. Oil daily trend expires in 1 day, some consolidation in oil related names is possible.
Note
It did go lower so far, didn't give me a chance to rejoin.Trade active
Back in the saddle, again. I mean, continuation signal.
Note
The long signal that popped later worked, after the short was stopped out again. I didn't update this here, my bad. I did trade it, but caught half the move only. Tricky moves lately.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.