EURCAD: Profitable short in sideway market?

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Short

Euro Fx/Canadian Dollar (FX:EURCAD)

FX:EURCAD Euro Fx/Canadian Dollar

- Currently EURCAD is in sideway market
- Price rebound at fresh supply level
- CCI is showing overbought
- Price is already showing reaction to supply level

Coffeground, we have another nice bullish setup on the USDJPY, 4hrs. Fresh levels and the CCI is showing oversold.

JoelPena

hahaha Andrews Pitchfork confirm that too :) im trading this in my demo account! thankyou!

coffeeground

Your welcome. Please take a look on GBPJPY, 4 hrs. It is very similar to USDJPY. Thanks.

JoelPena

Yeah they are identical! :) pitchfork conforms that too. good job JoelPena!

coffeeground

I have not used Pitchfork. Under what scenario is recommendable to use it?

JoelPena

Andrews Pitchfork is actually 3 parallel trendlines. In metatrader the are only 3 lines, but in tradingview you can have more parallel lines (which is a very helpful features missing in mt4). as you can see in the attached image, the price reacted to the lines. when it reached the bottom line, it has high probability to bounce back again.

coffeeground

Thanks for the info.

JoelPena

your very welcome joel!

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