EURCAD on the 4 hour time frame is shaping up for a very nice buy setup. The range is shaped like a bullish wedge and the Stoch indicator made a bullish cross over. When it breaks out of this wedge we will see a very very nice green wave up.
tp: 1.4960 sl: 1.4690
Trade active
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Trade active
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new buy added. 4 hour trying to break the upper range again!
Trade closed: target reached
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took profit on the 2nd buy, 80 pips profit. 1st buy still open and 10 pips profit atm
Anyway, theres no strategy thats a 100% correct. Thats why its best to have a stop loss in place.
Even though the buy setup in eurcad was very nice it still went down this time. Still no clue what caused it yesterday.
- Technically it should have gone up.
- There was no important CAD data, only data that was published came out negative (below forecast)
- No important "other" news events from Canada.
- Oil also didnt move that much.
- U.S. closed because of independence day, so trading volume yesterday was very low.
So basically there's no reason behind the CAD strength. The only possible explanation for its sudden strength yesterday is that there was low volume trading because the market in the U.S. was closed. Moments of low volume trading are often used for price manipulation, because when there's low volume you can influence the price with a smaller order size then you would need when there's high volume. So yesterdays strength is very likely price manipulation. push the price down on purpose and then buy it on the cheap because you go inside info that Cad will weaken.
ForexNChill
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You're awesome
JoshFX1
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@guenevere, Thanks! Hope my ideas and updates on them are helping.