EURCAD has been on an uptrend with the trendline support holding along the way. It has been just been violated with a candlestick breaking and closing below. This served as the confirmation of the bearish bias. As such, I am looking short at that level. Stop loss is just above the recent swing high. The take profit target is set at the 61.8 Fibonacci retracement level of the upswing. I will cancel the sell limit order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT
Price Entry 1.49445
SL 1.49989 | SL pips 54.4
TP1 1.48808 | TP1 pips 63.7
RRR1 1.17
Trade Setup: CRT
Price Entry 1.49445
SL 1.49989 | SL pips 54.4
TP1 1.48808 | TP1 pips 63.7
RRR1 1.17
Order cancelled:
Price did not retrace to my entry level. If you sold at market, then TP1 is hit. :)