FX:EURCAD   Euro / Canadian Dollar
236 2 10
I was already long this pair from the post of 3 weeks ago.

However my minimum target did not get hit which was the previous high at 1.4826. I therefore got stopped out at break-even. This is not an issue because I still am looking for the structure to complete and this will provide another buy opportunity.
I'll be looking for a minor consolidation to buy the continuation. If it breaks lower again we simply have to wait to see the whole impulse/consolidation process again.

updates will follow


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Trade active: I'm long EURCAD from 1.4532 based on lower time frame structure. This might very well be a day trade. Structure still has a corrective character but I think that trading this consolidation is a good idea if you understand the structure of lesser degree. In terms of the real trade (original post), we either need a bullish impulse followed by a consolidation to confirm that the next leg higher is in progress. Or we will see another leg lower (yellow box is still corrective) and buy EURCAD after divergence. Updates will follow.

Trade closed manually: The trade I took this morning is closed for a Risk/Reward of 3/1. I will reevaluate tomorrow and with the ECB on the agenda I at least expect a correction up to that event IF we see a new impulse higher from these levels.
updates will follow.
Comment: EURCAD is moving nicely within a channel but the structure and many overlaps of both higher and lesser degree makes this far from ideal for me in terms of buying this pair. I'll therefore wait a little longer because I think this pair might very well reverse soon. If it accelerates higher and breaks out the overall corrective structure I simply wait for the next consolidation before buying EURCAD.

Thanks for the update Tim. Appreciate your work!
+1 Reply
Very nice trade today, thanks for the call out!
+1 Reply
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