Focus Time Frame: 1H
Long Term Trend Time Frame: 1D/4H
Market Condition: Ranging
Area of Value (AOV): Resistance (Price at ) 1.47387 - 1.46936
Entry Price (EP): 1.46725
Stop Loss (SL): 1.47432
Take Profit (TP): 1.44753 (2.79R)
EURCAD is currently at a ranging market condition as we see clearly on the chart. Looking on the 4H Time frame, we can see that price rejected the with . On 1H Time Frame, the zone got rejected with 2 Pin Bars. Prior to these, we can see that the price approached the with High Momentum. This usual type of move approaching either Support or usually indicates trend reversal.
DISCLAIMER: This post is for my reference/journal purposes only. Trade at your own risk.