Updated

EURCAD Top-Down Analysis

EURCAD Monthly chart shows us that price is making big down moves/impulses with corrections since 1995. Currently price is in up trend inside of ascendind channel/correction and is getting very close (around 800pips away) to monthly trend line. This is very good opportunity to go to lower time frames and watch price action.

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If we look Daily chart we can see that price ended impusle leg which can be labeled as wave 3 and now we should see retracement and short opportunities.

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One more up move before down move.

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Expanded flat correction. Price changed structure now we should see more up pressure.

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Very complexed structur. Price went in different direction probablly due to news realise. Possible new short trade set-up for tomorrow.

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Pull back before another down move and completion of wave 4. Good long opportunities on lower time frames.

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Update. Trend reversal pattern with RSI divergence indicates change in trend with long opportunity. 4 hour chart.

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Buy.

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Price made another down impulse. Possible start of up trend.

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The time is now for break out and trend reversal after weeks of down trend. Long position active. Price broke out from flagformation and it should continue in impulse to the up side.

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Price made nice up move impulse and profit was made. Now we should see some pullback and break down of ascneding channel with RSI divergence. Short opportunity.

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Profit made on down move. Now correction is obvious and long opportunity.

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Flag forming, trend comtinuation pattern. Buy if break out.

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Ok. So I have been following this currency pair since beginning of Jun. Everything went as I expected. Today I made good profit relying on Technical knowledge, which I have worked very hard for the past 2 years and Fundamentals also. Just recently I started to pay attention on Fundamentals and they are very important in trading. Frenkly I was very sceptical about trading Forex and the whole industry even people around me said that I should stay away from Forex nobody can make it. A year ago I was working as a customer support operator for one brokerage firm and thought that nobody can be successful in trading but I guess I was wrong. I was communicating with alot of customers/traders and majority lost their money just because they didnt took the time to educate them self and do back testing, which is very very important. Last year I lost decent amount of real live money, I say decent because its relative it may be nothing to somebody else who has alot of money to play with. I dont, even if I had I wouldn't allow my self to be ignorant idiot and just jump in, the irony is that I was stupid idiot last year and blew up 2 or 3 Live accounts. After that I told myself that I will continue to research and back-testing on Demo account. Now I start to see some small "fruits of my labor"... All in all is that without hard work and dedication you will get nowhere in life.. Now is just continuation...

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Price moving inside descending channel. I am expecting for price to go between 50 % and 61.8% retracement of previous impulse and then we should see big impulse to the up side and long opportunities.

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Price reached 50 % retracement and made small impulse to the up side. Possible start of up trend and long opportunity after break of flag formation.

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Risk taking entry. Long.

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Target one reached. Price will most liekely make correction before continuation to the up side. RSI showing overbought conditions.

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