Bearish trade idea on the EURCAD 4H...
Price has been in a downtrend for months.
Price is now in a descending wedge and has recently broken most recent outside return to the downside.
Price has touched the upper support trend line 3 times and respected on the third touch.
Price was rejected at the 618 Fibonacci retracement from the most recent swing high.
Price is also at previous level of structure resistance.
Price also put in lower low, lower close candle.
Entry price was at 1.38953
Stop loss set at 1.40070
Take profit 1 set at next obvious level of structure (conservative profit taking) 1.37741
Take profit 2 set at lowest close of most recent outside return 1.36878
I will remove half my position size at TP 1 and move SL to breakeven.
Price has been in a downtrend for months.
Price is now in a descending wedge and has recently broken most recent outside return to the downside.
Price has touched the upper support trend line 3 times and respected on the third touch.
Price was rejected at the 618 Fibonacci retracement from the most recent swing high.
Price is also at previous level of structure resistance.
Price also put in lower low, lower close candle.
Entry price was at 1.38953
Stop loss set at 1.40070
Take profit 1 set at next obvious level of structure (conservative profit taking) 1.37741
Take profit 2 set at lowest close of most recent outside return 1.36878
I will remove half my position size at TP 1 and move SL to breakeven.
Trade closed manually:
Closed position at 1.38128 to close out for the week.
+0.74R Trade
+0.74R Trade
Trade closed: target reached:
Initial prediction completed