Potential downside on EURCAD with CAD news coming up in 20 minutes as a catalyst? A double top might be forming.. Let's see what CAD news present to us
I took a short some 12 hours ago, have shifted my stop to profit so this trade is risk free.
Double spike on this pair. Idea will only be invalid IF price closes above trendline on H4.
SL @ 1.5295, TP @ 1.4818, a good 1:5 risk to reward (as of current market price)
Sorry, a 1:10 risk to reward. You can trail your stop if price goes according to analysis and slowly close positions. I personally like to open 3 different positions. So if you are intending on trading 1.0 lot, you could perhaps split them into 0.3 lot, 0.3 lot and 0.4 lot
My position got closed out due to the sudden spike up. Resulted in a loss despite putting SL to profit. Re-entered again with a short but things aren't looking good. Time will tell.
Trade closed manually:
Closed in loss. Doesn't look good and BOC press conference sounding dovish.
Re-entered. Price looks like it has bounced off trendline. Tricky pair. SL & TP as mentioned previously
We can see that price has tested upper end of trendline many times over the past week. The more times it tests and fails to break, the stronger the resistance is. Will we finally get the move down we wanted? I'm hoping so in this coming week!