EURCAD long term trade. Part 2

Updated

So far followed the double pattern quite well and the previous analysis. Bounced very strong from the support zone. First attempt failed, dropped again and it got bought up and got pushed straight through the resistance. Of course it could simply continue to move up, but i think it might be too fast. So if this small bull flag fails, we could see a drop to that yellow zone. If that happens and we see support again, that would be a good spot to increase the position of the previous long. Taking partial profits here and waiting to buy back lower, is never a bad idea. It's not about hitting the jackpot, about having a good strategy and making profits.

Previous analysis:

Note

So the market doesn't care what i think :), broke the flag and simply continued to move up making another strong rally. At the moment looks like another bull flag is in the making. If that first green zone breaks, it would mean bulls are loosing momentum. That would be a spot where i most def take some profit if it breaks. That second green support (highs of the previous bull flag) should not break anymore. If that does happen, we could see a bigger correction before continuing the long term uptrend

Note

That green support broke and eventually the second one as well. Made quite the drop, But nothing wrong with this, i was already hoping for another chance to re enter for a long term trade. So ideal we see this bear flag play out and get to the blue zone next week. Then need to watch it see it form a pattern before going long again.

botje11

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