Nicemate
Short

EURCAD - The big Short

FX_IDC:EURCAD   EURO / CANADIAN DOLLAR
11 0 1
a month ago
After a strong impulsive downward movement, inside a major weekly channel, FX_IDC:EURCAD             is retracing back to its .786 Fib level, which also coincides with the second weekly resistance and the upward trend line. Many reasons to go short, here, the biggest of which is that on the weekly timeframe , you can clearly see that FX_IDC:EURCAD             is at the end of a longer consolidation that follows a big bearish movement, and precedes another big bearish movement.
Updates on smaller timeframes with potential setups will follow.
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Trade with care.
a month ago
Comment:
snapshot


Short Entry Level: 1.4766
SL: Above W(R3), or above A
TP1: 1.4136
TP Final: 1.36 area

Please like or follow if you think my analyses can be of use for your trading strategies. Trade with care.
a month ago
Comment:
snapshot


Remembering your money management rules, it could be a good idea to sell further up, at 0.886 Fib (this week's weekly resistance 1 level), with a better R/R ratio.
In any case, I need to correct my previous setup levels, as Stop Loss should be above "A".
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