EURCAD-W1-bearish cypher complete

FX_IDC:EURCAD   Euro / Canadian Dollar
419 9 7
The market is very volatile today. Just interesting, here we can see a nice confluence of bearish signals.
After a strong rally the EUR is overbought and OIL             possible bottoming, so this pair has a strong bearish potential.
We have:
- a bearish cypher already at play
- bollinger band duplication
- middle of channel duplication
Lets see what happens. This is for my journal, i will come back to this chart in the future.
According to the cypher rules the SL should be above the X point.
I was watching this too, I agree with you, too risky at the moment to act upon, more upside possible imo...
Well, EUR/AUD re-conquered its 2014 top. I expect the EUR/CAD to do the same. Very high correlation
FullTimeTrader SharifAzadeh
Hard to say now. The EURAUD seems to be making a false break (expanded flat) and this big cypher should do its work. We should not discard the bearish scenario yet. This is not a setup, just for my journal.
SharifAzadeh FullTimeTrader
What false break?
FullTimeTrader SharifAzadeh
Forget it, today monday the market is even more crazy, better to stay aside until dust settles. By the way, this pair is respecting last highs so the cypher is still working. Just interesting, im not taking this trade.
That's a huge SL!
I suspected a similar outcome here, very dangerous right now but worth following the progress it makes.
FullTimeTrader IvanLabrie
You are right! im not trading this one because im already short on EURUSD
IvanLabrie FullTimeTrader
With this mad market, I don't think EURO has any chance of going down anytime soon.
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