PrecisionFXtrading

Long on EURCAD Double bottom false break out of the channel?

Long
FX:EURCAD   Euro / Canadian Dollar
EURCAD broke out of the uptrend channel & formed a double bottom with a stop hunt on the 1hr time frame. this could mean a pullback to re-test the channel or resistance area 1.52479 at which TP 1 profit will be booked in. if it breaks back into the channel, we looking at 12: 1 trade where TP 2 at 1.5695 and TP3 at 1.6098 could be reached.
Comment: Entry taken on the neck line break above the 1.50824 resistance area on the 1hr chart
Comment: watching the 1 hr chart closely, if price break and close below the DB neckline, i will assume BEARS are in control and close the trade (as they have indicated by 1hr candle writing off 14hrs of bullish candles). so far the assumption is a re-test of the DB neckline on the 1 hr chart.
Trade closed: stop reached

Comments