moorekapital

EURCAD: IN TRADING RANGE MODE. 2ND LEG UP EXPECTED

FX:EURCAD   Euro Fx/Canadian Dollar
191 1 9
1. My style is quite simple:

"TREND TRADE, trade within TRADING RANGES, and also anticipates REVERSALS.
The signals are 1B, 2B and 3B candlesticks patterns- signalling REJECTIONS @ KEY HOT ZONES.
PRICE/MACD DIVERGENCE is a key part of the strategy. But don’t always wait for it.
"

Trend begets Trading Range, and Trading Range begets Trends.

2. Clearly, we see there was an uptrend that got broken convincingly, following the Buy climax @ 1.5555.
From here, The selling seized= The BOL             . The first leg up of the trading range tested the BX             , and produced a Higher High major Trend reversal.
This sold heavily , but that was expected to halt around the BOL             zones = The 2nd leg down.
A buy zone is clearly defined here.

3. PRICE/MACD show bullish divergence= long

4. We have a 2B candlestick pattern here= a doji+a bull trend bar for confimation.
I would long @ mkt open with stop slightly below the pattern.
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The context is right for long, and so, should the trade fail by this signal, I would look for the next signal to go long in this zone again.

I'm envisaging this leg producing a double top w/ BX             = The right shoulder for a potential HEAD & SHOULDER
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Comment: On course
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