EURCAD 2 possible scenarios in my opinion:
So the price is about to reach important zone of S/R and there are 2 options:
1. If we see a reaction from this level: small range, consolidation, wicks, etc. ... I will look for longs with nice RR.
2. A strong closure under the support suggests a bearish move, so I will make entry on the pullback.
IF price makes some weird shit, which is far from what I expect, I will stay away from it.
So the price is about to reach important zone of S/R and there are 2 options:
1. If we see a reaction from this level: small range, consolidation, wicks, etc. ... I will look for longs with nice RR.
2. A strong closure under the support suggests a bearish move, so I will make entry on the pullback.
IF price makes some weird shit, which is far from what I expect, I will stay away from it.
Note
It looks like the second scenario is in play, so a nice 1H pullback to the zone will be nice for a 1:3 short.Order cancelled
Unfortunately EURCAD didn"t gave any opportunity for entry. I was waiting for a bit higher pullback, but that never happened, so I will let this pair free for now :)
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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.