EURCAD completed bearish Bat pattern
Updated
Bearish on the EURCAD
Pattern Identification
Price went up to 1.5150 late last week to complete the bearish Bat pattern.
It also formed a rising wedge (reversal) pattern and broke below
RSI forming a bearish divergence
Trade execution
Took a short trade after price went below the lows at 1.4953.
Stops are still currently above the 1.50 mark at 1.5030
Potential to move to 1.4600
Pattern Identification
Price went up to 1.5150 late last week to complete the bearish Bat pattern.
It also formed a rising wedge (reversal) pattern and broke below
RSI forming a bearish divergence
Trade execution
Took a short trade after price went below the lows at 1.4953.
Stops are still currently above the 1.50 mark at 1.5030
Potential to move to 1.4600
Trade active
Price could potentially form this bearish Shark.If this happens, then it can retrace up to the 1.5100/20 levels
I am tightening the SL to above the arrow. Probably at 1.4992
(above the resistance TL)
Trade closed: stop reached
Price hit my protective stop loss and took me out of the trade at 1.4928.Profit of only 15 pips.
I am looking to re-enter this trade with a target of 1.4600
Note
Price now at past support turned resistance ??Hopefully price can be resisted by the 20MA H4 (middle of the BBand)
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