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EURCAD trade ideas

idea on a zone This is a pair i dont trade but but 61.8 fib and a great order block looks interesting It sounds like you're analyzing a currency pair that you typically don't trade, but you’ve identified a 61.8 Fibonacci retracement level along with a significant order block that you find interesting. Let's break down how you might approach this setup: Fibonacci Retracement: The 61.8% retracement level is often regarded as a strong level of support or resistance in technical analysis. If the price is approaching this level, it might indicate a potential reversal or a strong continuation of the trend. Order Block: An order block is an area where there is a concentration of buy or sell orders, typically by large institutions. Identifying an order block near the 61.8% Fibonacci level can add confluence to your analysis, suggesting a higher probability of a significant price reaction. Trading Plan: Identify the Pair: Confirm which currency pair you are analyzing. Ensure you have historical data and understand the pair’s typical behavior. Set Up Your Chart: Plot the Fibonacci retracement levels from the most recent significant high to low (or low to high in an uptrend). Identify and mark the order block on your chart. Analyze the Price Action: Look for confirmation signals such as candlestick patterns, volume spikes, or other technical indicators near the 61.8% level and the order block. Consider the overall trend and market conditions. Are you in a larger uptrend, downtrend, or range-bound market? Plan Your Trade: Entry: Decide if you will enter at the 61.8% level, within the order block, or wait for additional confirmation. Stop-Loss: Place your stop-loss order at a logical level beyond the order block to protect against unexpected volatility. Take-Profit: Determine your target based on the next levels of support/resistance, or use a risk-reward ratio.
by EZIO-FX
Could 1.50 Resistance Spark Another 1,000 Pip Drop?The EURCAD pair has been steadily rising since the beginning of the year. After a brief stall at the 1.48 weekly resistance, which was broken last month, we have seen a drop and retest of this level, now acting as support. Price has already surpassed last month’s high this week. So, what’s next? The most logical next target for bulls is the 1.50 resistance, a historically tough level to break over the past four years. Each attempt to move past it resulted in the weekly candle closing below the level. If you read a previous idea I posted last year on this pair we sold at the exact same level In fact if you zoom into the daily charts we can see that price is actually stuck in a near 1,000 pip daily range between 1.51 and 1.42 (see image below) I expect price to move up into the top of the range between 1.50 and 1.51. At this point, I will look for sell signals using my TRFX indicator or signs of slowing momentum on lower time frames. To identify slowing momentum, I examine lower time frame charts (4-hour to daily) for price transitioning into a sideways movement pattern as it approaches the sell zone. Divergence signals on the MACD are particularly useful for spotting this momentum shift. My first target for this position is the previous resistance, now support, slightly below 1.48. Price may see a short bounce at this level and possibly retest 1.50, where we can enter another sell signal. Next, I target a move down to February’s weekly swing low at 1.45, followed by a move to the bottom of the range at 1.42. The likely path is charted below. For this trade to be invalidated, we would need to see a weekly or monthly close well above 1.50, indicating buyers aiming for mid-1.50 levels. Given past reactions at 1.50 and the significance of this high time frame (HTF) level, a sell position is the most realistic approach for now. Let me know your thoughts below.
Short
by TheFxAce
10
A well setup chart is mandatory!I cannot describe in words how frustrated i was setting up charts just the way i like it.. Not able to find the right indicators, not working properly, none existing and so Forth.. Im new to the platform (1 year) and my trading journey is about to kick off... But i couldn't prepare properly for my next adventure, because my charts were a mess and not to my liking.. But how the tide have turned today good people! I was ready to give up and try meta trader 4 instead, to bring in perspective how frustrated i was haha.. So the idea behind this post, make aure your charts are clear and ready for action don't use to much nonsense and go for it! "May the markets go with you" ;) Have a good one y'all
by TimosVDam
EURCAD What Next? SELL! My dear friends, Please, find my technical outlook for EURCAD below: The price is coiling around a solid key level - 1.4860 Bias - Bearish Technical Indicators: Pivot Points Low anticipates a potential price reversal. Super trend shows a clear sell, giving a perfect indicators' convergence. Goal - 1.4822 Safe Stop Loss - 1.4888 About Used Indicators: The pivot point itself is simply the average of the high, low and closing prices from the previous trading day. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1
Bearish reversal?EURCAD is rising toward the pivot point and could potentially fall to an overlap support However, a break above the pivot it could rise to the multi-swing high resistance Pivot: 1.4799 Support: 1.4737 Resistance: 1.4836 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
EURCAD: Developing a major correctionEURCAD: Developing a major correction EURCAD is moving inside a large corrective pattern and it is showing clearly that we have a bullish and a bearish zone where the price reacted very well in the past. Considering also that the Eurozone Preliminary HICP inflation rose to 2.6% YoY in May vs. 2.5% expected, we can see EURO advancing more during the coming hours. You may find more details in the chart! Thank you and Good Luck! ❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Long
by KlejdiCuni
3