VasilyPonomarev
Short

EURCAD: Trading Descending Triangle

OANDA:EURCAD   Euro / Canadian Dollar

hey traders,

descending triangle formation on EURCAD .
on focus is the horizontal support.
if bears break below it, most likely, selling volumes will increase and we will see bearish continuation to lower levels of structure.
T1 - 1.455
T2 - 1.451

Want to know where stop will be? Leave a comment :)

*remember, that the market can also break to the upside!
in such a scenario, setup will be invalid.
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CAD is very weak against most of currencies EURCAD can go pretty high
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looks like a bullish flag breaking out to topside... think to enter long on retest (if 4hr closes outside)
+1 Reply
Has there been a break to the upside or is that just the wait and sell bear breakout?
+1 Reply
I'm confused what the entry can you help me to identify stop loss and entry point.Never mind I'm new in this field
+1 Reply
@singhera, sure!) no worries!
first thing is that we don't know how long the market will be trading within the triangle.
our trigger is the bearish breakout of support. the entry point of the trade can be identified only after breakout!)

same thing concerns stop:
according to my rules I set my stop above the last lower high.1.463 would be my stop.
but who knows, is it the last one or not)!
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Share your thoughts on EURCAD here
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