We’re getting close to the entry on the USD/CAD.  Keep an eye on this one.

The USD/CAD, it is no secret, is my least favorite currency pair on the planet.  I could do without it, really, sometimes.  It can really annoy me at times.

Here is a new setup.  Here’s the 4 hour chart, with our green Baseline:

And her is the 1 hour chart, and our blue Entryline.  If the pair closes above the blue line, we should see a move to the baseline.

Mostafa wrote in and had a great question in the comment section of the USD/CAD trade.

Here is the link to the post and his question. 

He wanted to know where I put the stop loss on the USD/CAD trade.  The stop loss always goes beyond (at least 15-20 pips beyond) the highest or lowest point the pair went when making the blue line.  More on this as I post more trades.

Wow!  There has been much more activity in the last few days than I realized.  Here we have another completed trade.  This time on my least favorite currency pair in the world.  It’s starting to grow on me.  Maybe I’ll choose another pair to dislike.

Click here to see the full, original trade idea, in all of its wonder.

And here is the completed trade:

I’m setting up a whole new trade on this pair.  Here are the main trendlines on the 4 hour chart:

And here is the 1 hour chart so that we can take the trade on a close below the blue line.  Happy trading!

The USD/CAD short trade is still going, and going.  This pair has treated me pretty poorly over the months and years, and I keep going back to it anyway, thinking, "This time is different."  Well, maybe this time is different, and we’ll see this pair finish what it started.

My stop is now just above 1.0220, and the profit target is way down at .9870 (the greenline). 

This is a short term trade.  Today I think we’re better off looking at new trades that are short term — because so many bigger moves happened yesterday.  And I am not in the mood to hold anything over the weekend if I can avoid it.

The lady really did find a live grenade in her backyard.  And the EUR/USD did blow up yesterday.  Let’s see if it can keep going: if the pair closes above the red steep trendline on this 5 minute chart, then it can most likely get all the way to the purple resistance level.

Today I read that a life jacket from the Titanic sold for $68,500.  I am guessing that a trader bought it.  It’s not going to help if he or she is trading the USD/CAD.

Here’s an update on our two-trendy trade.  If you want to see the original idea, just click here and you can read all about it and see the original trendlines. 

The trade is now open and it’s actually moving in our direction.  It’s up about 50 pips (it opened just above 1.0100.  Now would be a marvelous time to move the stop to break even.

This is my least favorite currency pair on earth. 

But since we’re on a Canadian theme today with Bob and Doug McKenzie, I thought we might as well post a chart for the most anger-provoking currency pair of all time.  I would love to hear, in the comments, about your least favorite currency pairs.  What pair bothers you the most, or gives you the most trouble?

Here’s a double trendline setup on the USD/CAD.  You can click on the chart to make it turn into a flying car. The pair has already closed below the blue trendline; I’d wait until the pair jumps up a bit before getting in.  And I’d keep my stop loss close — like 50 pips.

In fact, I think I might just sit on the sidelines and watch this one.  This pair just rips me apart sometimes.

It’s the weekend, and do you know where your USD/CAD is? 

The trendline broke, the trade is open.  The stop is down there at the red dashed line, the profit target is the green (base) trendline.  This pair is such a dorfwad sometimes; it can break and fake, break and fake, and then finally shoot up to exactly where you would have expected it to go.  So expect some grief from this pair along the way.  This might be the last trade I take for a while on the pair.

Enjoy your weekend.