Eurcadsetup
EURCAD | Perspective for the new weekWe experienced 230pips run in our direction on my last publication (see link below for reference purposes) on this pair with another trading opportunity building up again!
It is very interesting to observe that the market has continuously made its decision around the CA$1.55700 level since July 2020 which tells me that we can be confident to find a quick trading opportunity on this one!
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since on the 22nd of Dec 2020, the price has found Lower lows respecting the Bearish trendline that led to the recent Breakdown of CA$1.55700 followed by a sharp rejection of this level last week.
ii. Considering the significance of our key level; The leg that broke down CA$1.55700 might experience correction back into this level for a decline continuation in the coming week.
iii. In this regard, I shall be looking for a significant level around the Key level/Trendline to find a safe haven for a selling opportunity this week.
iv. Lest I forget, I am looking forward to seeing buyers do quick activities around CA$1.5470 level after which selling opportunity will surface... Be patient :)
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward : 1:4
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EURCAD, 4hr tf, second chance to buy if you missed itHello my friends,
Previously i shared about a buy position for EURCAD on Sunday.
It was working out great and i managed to book some profit from it before it retrace down again.
Right now price once again retracing and i am gonna buy it again.
For those who missed it, this might be your second chance to buy it.
In my opinion we could see EURCAD breakout of this channel.
Our target this time will be the 1.618 fibonacci expansion which is our wave-3 target.
Buy limit EURCAD 1.5610
Stop loss 1.5560
Take profit 1.5770 (3.2R)
RR Ratio 1 : 3.2
Use only 1-2% risk
Good luck
EURCAD I WISH EVERYONE COULD EAT THE PIPS WITH ME From the Daily time frame perspective EURCAD is ready to go LONG
Don't forget to like and follow us
EUR/CAD Technical Analysis
The counter has broken its near-term bullish trendline.
Then it formed a head and shoulder pattern and has broken down the neckline as well.
Hence, we expect the pair to be bearish in the near-term.
SHORT Don't really trade the Christmas break, but this year with the lockdown has got me stuck at home looking to take this cheeky short.
EURCAD Short - Clear support and resistance
- Historical resistance which price has consistently rejected
- 1:4 RR
EURCAD, 2hr tf, inverted HnS pattern to materializedHello my friends,
For today i saw an inverted HnS pattern on EURCAD pair.
This pattern occurs on 2hr tf so it might be a bit small in range but worth to try.
We will keep it simple with only price action, you can see price broken above the neckline with a solid candle close above.
The candle looks like a bullish pinbar so i think this is a confirmation candle as well.
Buy EURCAD 1.5490
Stop loss 1.5450
Take profit 1.5570 (2R)
RR Ratio 1 : 2
Use only 1-2% risk
Good luck
400 pips short setupPrice touched a descending triangle on daily chart & broke out of the ascending trendline on 4H Chart, price is currently at minor resistance zone.
EURCAD Technical Analysis
- Currently we can see a downward channel formation on EURCAD
- 1.5450-1.5400 is a support area and 1.5700 is a resistance also the upper edge of the channel.
- The price is above 200 EMA on Daily TF.
- A sustained move over 1.5400 will indicate the presence of buyers. If this move creates enough upside momentum then i'll look for the rally which can possibly extend to 1.5700
- Meanwhile, A daily close below 1.5400 can take the price to 1.5050
EURCAD, 4hr tf, sell after wave-4 retracementHello my friends,
Another setup for the coming week is EURCAD pair.
As you can see, the recent movement of EURCAD could be analyze using Elliott Wave theory.
We could assume the recent movement to the downside as an impulsive wave-1 and wave-3.
After this impulsive wave-3 we could expect price to retrace.
Wave-4 usually retrace around 23.6%-50% fibonacci retracement.
Well, for the best trade setup we could try to set a pending sell limit order around 50% retracement because it will give us a favorable 3R setup.
Sell limit EURCAD 1.5570
Stop loss 1.5610
Take profit 1.5450 (3R)
RR Ratio 1 : 3
Use only 1-2% risk
After price move according to our direction for 40-50 pips, please set SL to BE or take partial profit
Good luck
EURCAD | perspective for the new weekSince a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement.
Tendency: Uptrend (Bullish )
Structure: Trendline | Supply & Demand
Observation: i. Price continues to respect Bullish Trendline on the Weekly chart to emphasize the prevailing direction of price.
ii. Price rejects CAD1.54800 level eight times since on the 16th of Nov. 2020 to finally Breakout off Key level @ CAD1.55200 which also coincides with Breakout off the Bearish trendline.
iii. Key Level shall remain a yardstick for buying option for me in the coming week.
Trading plan: BUY confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 3 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EURCAD Bullish Trade SetupIn the EURCAD chart above, the price made a five-wave impulse rally, in wave "i". According to the Elliot Wave principle, a three-wave correction in the opposite direction follows every impulse move.
In EURCAD's case, the corrective move has been taking the shape of a double-three pattern which seems to be completed or still has the potential to make another leg down in wave (Y).
While putting the probabilistic scenario of wave (Y) in consideration, the break of the green line will indicate the completion of the corrective structure and signal the resumption of the bullish impulse.
I just have my buy stop set at the level and waiting for the market to do is things. What's your view on EURCAD?
Best of luck on the chart,
Veejahbee.
EurCad can drop to 1.53Since August, EurCad is trading in a down trend.
The recent leg up seems to be finished and also on a 4h TF we can see a H&S formation
A drop under neckline support could lead to acceleration and a test of previous recent low.
I'm looking to sell this pair
EURCAD, 4hr tf, sell on broken trend line retestHello my friends,
There is another setup i just found which is EURCAD pairs.
Before i start, if you find this post useful, please give me a like and follow me for my next update.
Price currently moving inside a downward channel and price was rejected at upper line touch.
There is also horizontal support which has been broken and I am now preparing to sell this pair.
I am gonna sell on the retest of trend line so we could get a better RR ratio.
There is possibility the previous upwards movement was a bearish flag.
The measured objective of this bearish flag target is at 1.5320.
Sell EURCAD 1.5550
Stop loss 1.5600
Take profit 1 at 1.5430 (2.4R)
Take profit 2 at 1.5330 (4.4R)
Use only 1-2% risk
Good luck
EurCad 4hrsHello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
EurCad- nice bullish setupAfter a very short-lived dive under 1.5450 support, EurCad has recovered quickly and reached 1.56 resistance.
In the last 4 trading days the pair traded in 100 pips range between 1.55 and 1.56 and I believe this range will be broken to the upside.
Buy dips is my strategy for this pair with a soft target at 1.5650 and a medium-term target at 1.57 resistance
