Razvan

EURCAD - Broadening Formation

Long
FX:EURCAD   Euro / Canadian Dollar
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1
The broadening formation, might gave us some clues regarding the next move. A break through the resistance zone should trigger an upward movement which could test the trend line near 61.8 Fibo retracement (1.2650).

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Agreed.
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Agreed.
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Hey mohora, are you used to this inverted patterns, like this triangle with the oposite side on the right? How do you trade them?
EUR is making this kind of inverted wedge, how would you trade it!?
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Razvan rodrigosmarts
hey, well this looks like a broadening wedge,they are usually hard to trade because the trading signal would come quite late. In this situation, the price should fall under the last low, breaking the lower line, to trigger the short position, and the target would be projected just like at the triangle.
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I see.. that's what I thought... I just short the pair and hoping it breaks under the botton of this pattern now to confirm. Thank you fella.
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Razvan rodrigosmarts
you shorted it nice, lets hope now that it will break under, for a bigger profit....good luck
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