EUR/CAD Bullish trend pay attention in fibo levelEUR/CAD Bullish trend pay attention in fibo level
Watch and wait price action in vital price & area
Write trading planing and exit planing to backup your trade if your analysis going wrong
Always write exit planing first before you go in market calculate the risk according to which you are able to receive it
limit your losses and let gains run
Eurcadsetup
EURCADI was stopped out from my set up to counter trend trade this pair. Well, I'm disappointed but losing is part of trading and as long as I know how to manage my own risk on every trades, I'm ok with it. I'll keep watching on this pair if the price can break the resistance level and wait for price action on the pullback to take long position. If this pair does not follow my pre-plan set up, then I'll leave this pair alone. There are lots of other opportunities out there :)
EURCADCounter Trend Trade. My idea is to trade the pullback at least to the first bear fractal on the 4H chart. Daily chart shows a big bullish candle and the price may still goes up touching the top line of the resistance level. My psychological resistance level is based on the resistance level in 2016 previously. Why I take this trade is because the inverted hammer is a strong indication of reversal especially when it is on the support and resistance level. Be mindful that counter trend trade is a lot more risky than trading with the trend. This may also be a bear trap. Let see how it goes :)
Short at 1.5251 target 1.5100 sl 1.5315i SHort the eurcad i found cad is undervalued and i see nor eason why eur still strong
the eu cpi was just in line with expectation and core cpe missed expectation
2 ifo this morning was bad..he up just because of risk sentiment and speculation same as gold
short at 1.5251
target 1.5133
sl 1.5315
gain 152
SL =64
Crude oil strength means Loonie strengthI've been disgustedly inactive due to hectic school schedules as well as slow internet connectivity. For that, I will be publishing my rationale on why I entered the following trade.
For the past days, I've been obsessed with Canadian Dollar pairs.
If this Forex pair does break the graphed line, it may possibly dip to the 1.42500 area.
EURCADOur preference: lighten as long as 1.4707 is stopper with 1.4491 as objective.
Alternative scenario: the overflow of 1.4707, will validate an increase over 1.4785 and 1.4832.
Comment: The RSI is below its neutral zone of 50. The MACD is positive and below its signal line. The MACD must press the zero line to confirm a continuation of the drop. In addition, prices are below their moving average (1.4649) but above their moving average 50 (1.4621).
EURCAD Long OpportunityBullish Pennant after Bullish Impulsive Move.
Notice that volume is declining as Price consolidates into the pennant.
We also have Divergence as RSI does not conform to Price Action making lower lows.
For profit taking targets, we set it at a 1:1 ratio of the flag pole measure from breakout of the pennant.
We enter long orders upon breakout of the pennant and place stop-loss orders below the previous low from the breakout.