2021.03.30 CADUSD Futures Strategy Update
2021.03.30 CADUSD Futures Strategy Update
Readers of the 2021.03.15 CADUSD Futures Strategy Update newsletter recall how I took profits of 76% on the March contract ahead of expiration.
As you can see in the Practice Account Details (which I use to track this newsletter's futures strategy) below, we continue to hold a long position in the June Contract.
Let’s take a look at some charts.
The first chart below is the Canadian Dollar Futures (Continuous Contract in Front).
As you can in the above chart, buyers came in at the confluence of the green 50 DMA, the purple VWAP from the Jan 28 low and yesterday’s red TD9 count candle.
Often each of the 50 DMA, VWAP levels and the red TD9 count candle will act as reversal levels.
Is this a hard-fast written-in-stone rule?
Not at all, and they are subject to fail.
However, I do like having a confluence of levels of interest.
Let’s look at the June Contract.
I added to my June long position with one contract at 0.79298 with a stop at 0.79000.
The solid red and green lines represent my original long position, while the dashed lines represent today’s entry.
The next chart is the September contract.
I entered a long position of one contract at 0.79290 with a stop at 0.7890.
The updated and current Practice Account Details are below.
I am looking forward to seeing how these trades play out.
Will the price reverse from this level?
Time will tell.
I enjoy discussing the markets, whether they are currencies, equities, commodities, or bonds.
I am fascinated with price action, so basically anything with a chart.
Let’s have a conversation, and we can explore a new perspective of the markets that you can apply to your analysis.
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