ChaosTrader63
Long

EUR vs CAD Doji at Support

FX:EURCAD   Euro Fx/Canadian Dollar
Looking at the EUR vs CAD on the daily time frame we can notice two days of indecision for the pair since the bearish fall from prior resistance at 1.53019. The indecision is noted with the two doji's formed at the support level at 1.49114. Doji candlesticks represent indecision as neither bears or bulls control the market. Prior to the doji at support the market had four decisive bearish days closing out with a long bearish candle near the support level . This level appears to be a level were buying pressure is present as the momentum turned quickly from bearish to neutral at this point. I look for the support level to hold and the market to bounce from here and attack the top of the range at 1.53019 long term. If price closes below the support level then we know we are wrong and we look for the support to become resistance and find another opportunity. Have a great trading week and God bless!
andy.reed.775
2 years ago
I agree. I am long already on this pair. I trade harmonics. On the 4 hour chart, I have a nice bullish butterfly with a potential reversal zone in the 1.4930 area. Also I see a bullish candle bouncing off the support line. Glad to see someone else is in on this too. Thanks for the chart.
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flibbr PRO
2 years ago
looks like a huge H&S to me
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ChaosTrader63 flibbr
2 years ago
fibbr I saw that also but I don't trade head and shoulder pattern. What I saw was a lot of candle touches to the left of this level which shows some strong support. Support could get broken and the H&S pattern will be in affect. Thanks!
+1 Reply
andy.reed.775 ChaosTrader63
2 years ago
I don't trade H&S either but they are good to pay attention to. Here is the chart I published.
EURCAD Long Bullish Butterfly
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HamedAghajani PRO andy.reed.775
2 years ago
Could you also advise on SL? As this looks like a butterfly pattern? should the SL go below 1.618?
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andy.reed.775 HamedAghajani
2 years ago
I have a SL just below the support line, where you see the letter "D". Around the 1.4880 area. The RvR would be too low if I did put the SL around the 1.618 area at about 1:1.6 RvR.(I would not want to be in that trade.) With a stop loss at 1.4880 area the RVR is 1:3.2.
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ChaosTrader63 andy.reed.775
2 years ago
It's having trouble leaving this level but as long as it doesn't break support it's still active.
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andy.reed.775 ChaosTrader63
2 years ago
I agree. I am not liking how stagnant it is right now. Looks like the bears are hanging in for now. I have my stops in place and I am willing to take the loss if it does continue to move lower. Otherwise I would not have taken the trade.This pair is still hanging around the daily lows.
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HamedAghajani PRO flibbr
2 years ago
To me too, probably it best to put buy order on 1.5055 area!
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HamedAghajani PRO HamedAghajani
2 years ago
And there is downward momentum on Weekly and Monthly too
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ChaosTrader63 HamedAghajani
2 years ago
Putting an entry order at that level puts you 150 pips away from safety which would be your support level and also you are only 45 pips from a resistance level putting you between levels.. I like to stay as close to S&R levels as possible to limit my risk. Either it's going to go or it's not so get it as cheap as you can or don't take it at all. The big guys want you buying it at that level and then keep you in flux as the trade stalls and your stuck way up there.
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HamedAghajani PRO ChaosTrader63
2 years ago
Yes, You are right. Sometimes novice traders like me forget to think in terms of risk/reward and the probability nature of the trade. I owe you a big thank you as your you-tube channel has been a great source of education on Ichimuku system to me. God bless
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andy.reed.775 ChaosTrader63
2 years ago
I agree!!! I never play the middle. Too much risk for not enough reward.
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HamedAghajani PRO andy.reed.775
2 years ago
Stopped out with 30 pips at 1.4890
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ChaosTrader63
2 years ago
H&S patterns are to ambiguous in my opinion because everyone sees something different. S&R levels are there and seen with less ambiguity. Levels may not be exact but you have that zone where you anticipate the reaction and using price action you can get into a good trade. That's what makes this so fun and exciting is that everyone sees something different.
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rxalex ChaosTrader63
2 years ago
Its fun and exciting when you can be profitable trading but if your not there yet unfortunately its confusing. So did you use ichimoku for this setup?
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ChaosTrader63 rxalex
2 years ago
No I didn't use Ichimoku for this setup, purely support and resistance and price action.
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rxalex ChaosTrader63
2 years ago
Thank you... looking to learn from you - your an amazing trader!
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ChaosTrader63 rxalex
2 years ago
Thanks I appreciate that!
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rxalex ChaosTrader63
2 years ago
Your welcome. You definitely deserve lots of props for sharing and making great videos to share in your experience. Its by far not easy to learn how to trade. What do you recommend in your honest opinion to become a great profitable trader like you? Do you mentor others?
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