By mike on April 20, 2010
BOC rate statement comes in 30mins time, PO should be removed if not filled before announcement
There is a possible buy setting up on USDCAD off 15m TF at good support based on emerging bullish Butterfly with the following convergence
1 . 1.618 fib extension of AB
2. 1.27 fib extension of XA
3. Daily support level
4. Possible Trend Line bounce
entry: 1.0085
Stop: 1.0050
t1=1.0130
t2=1.0160
Note: Long bar or gap towards our entry will invalidate this setup
Posted in Closed Trades
My name is Fowope A. Mike, a mathematician and teacher, who has worked in one of the leading banks in Nigeria for 8 years. I started trading the Forex two and half years ago. I am a chartist, who vehemently believes in 'Trading what you see on the chart'. My trading concept is looking for convergences at important levels. I employ harmonic patterns, multi time frame analysis, trendlines and fibonacci retracements as my trading tools. I am a contributing editor for currency market column of stock watch magazine in Nigeria.
