After a strong impulsive downward movement, inside a major weekly channel,
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
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.
Please like or follow if you think my analyses can be of use for your trading strategies.
Trade with care.
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
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.
Please like or follow if you think my analyses can be of use for your trading strategies.
Trade with care.
Comment:
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".
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".
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.