EURCAD Downward Channel April 20, 2017 , SHORT
Updated
Observation:
Price breaks previous upward trend.
Pivot point at 1.43339.
Price makes strong movement upward.
Indecision at dynamic resistance of downward channel (blue line)
Analysis:
Price consolidation ahead.
If price hits target at 1.45, short with tight stop loss till previous high.
TP at target slope copied from two previous peaks.
Conclusion:
Sell limit with tight stop loss.
Price breaks previous upward trend.
Pivot point at 1.43339.
Price makes strong movement upward.
Indecision at dynamic resistance of downward channel (blue line)
Analysis:
Price consolidation ahead.
If price hits target at 1.45, short with tight stop loss till previous high.
TP at target slope copied from two previous peaks.
Conclusion:
Sell limit with tight stop loss.
Note
I made tight stop loss because market was too volatile and I was not sure if price would follow the channel because there are only few confirmations (hits). Target Stop Loss reached, but at least I have low loss.
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