Kumowizard
Short

EURCAD - what's cooking here? A correction?

FX:EURCAD   Euro Fx/Canadian Dollar
134 3 3
This has been one of the most beautyful Bull I have ever seen in my life... and which I haven't played since I very rarely follow CAD. But it is very overstretched now, with MACD negative divergence and Slow Stoch bearish cross on the Daily chart , and with extremely low ADX on the 4 Hrs time frame. The minimum what we can expect here is a correction down to 1,5200 - 1,5250, and even though I hate to give such early prognosis, but looking at last week's cpi             numbers, and this MACD divergence I would not be surprised if we see the end of this bull at this spike. However only time can justify this feeling (1-3 Months maybe). Since the underlying trend is extremely bullish , I would rather play it through Put options.
I sold 0,5 unit outright at 1,5480. Size up below 1,5400. Initial stop 1,5550, tgt 1,5150-1,5200.
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Close half of short position here, as first tgt is almost met. Slow Stoch is oversold, expecting a bounce up. Resell around 1,5350-1,5400 if setup confirms then. (I also closed my 1M Long Put 1,5100 strike.)
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1,5150 tgt met. Take profit.
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