anilmangal
Short

EURCAD sell setup

FX:EURCAD   Euro Fx/Canadian Dollar
22994 95 488
Hi Guys, the EURCAD             is in a consolidation, it is making a nice 60 mins flag so sell the breakout looks like a good idea.

Trade with care
Thank you for your support.
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Comment: Watch for the breakout of flag
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Comment: 240 view
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Comment: ok Guys two entries and both going good, watch it when it comes t0o the lower trend line
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Comment: Daily in view
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in your weekly webinar, you've predicting oil will has a serious pull back to around 45, correct me if i'm wrong. in that case, CAD should drop, and EUR/CAD most likely will pump up. i'm confused
+8 Reply
A_Trading PRO fdtbeijing
Hi fdtbeijing. Anil is performing technical analysis based on wave theory. This analysis is not precise science, predictions are never 100% accurate, but they are a tool to help you in your trading. This also means that you can have seemingly contradictory predictions, because at the point of time of analysis we don't have enough information to tell precisely how a pattern is going to develop.
You need to keep an open mind and watch your chart, see what happens, and only enter a trade once you see confirmation for a move in one direction or another.
+5 Reply
Hi Anil, your post is confusing: is your recommendation to wait for the breakout and sell a retracement or sell now in anticipation for the breakout (with stop losses in place)...?
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anilmangal PRO chartmaster
you realize this is a 60 min chart?
+1 Reply
A_Trading PRO chartmaster
Hi chartmaster. As you certainly know there are different ways to trade breakouts, and you will have to sell here according to your own rules - as Anil often says, only trade these setups with a tested strategy. What you will definitely need is some kind of trigger that confirms that the breakout is actually happening. I don't think Anil has ever recommended that you should buy/sell "in anticipation" of a breakout
+2 Reply
Kumail A_Trading
Can you suggest a trigger? Previously I was thinking of a close of a candle beyond the structure. But I'm not so sure anymore how to define it. I.e. sometimes it closes just a little below it, but rather that being a confirmed breakout, it just means that the structure line just gets adjusted a bit (if you know what I mean..)

Just a demo trader here and learning.
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You are on the right track Kumail, great that you are sticking to demo for now. Just be aware that no matter what trigger you chose, your goal shouldn't be to avoid losing trades (not possible), nor to catch all the moves (if you wait for additional confirmation, which will give you a higher winrate, some moves will go without you, and that is ok). You need to have realistic expectations (you will lose often; you will miss out on trades regularly; you will have days with no decent setups where you just need to sit on your hands; etc.) in order to avoid the self-sabotage most traders engage in. I would strongly recommend that you thoroughly back- and forward-test your setups with your trigger without getting emotional about winning and losing trades. Once you have done this with rigid rules (and recorded all of your trades) you are in a position to understand what your winrate is, and you will be able to discern patterns in your winning and losing trades.
Good luck :)
+7 Reply
Kumail A_Trading
Thanks for the advice :) ...seems to be a long road ahead!
+1 Reply
You are welcome. And you are right, the road is longer than most people think :).
+1 Reply
Excellent teaching, A_Trading....hope whoever reads this sharing can follow in practical way.
+2 Reply
you must take a course by Anil to really know how to get in the trade i think
+1 Reply
I think he means sell the breakout of the upper small yellow trendline. Shortly after this was posted, price spiked through the 1H chart. But Anil won't define what he considers to be a confirmed breakout when questioned in his webinar, so it is a little difficult to know exactly when to enter, right as it is happening (or set a working/entry order). Afterwards of course it is easy to see if price did really break out, or 'fakeout'/'false breakout'. I hope Anil doesn't mind me saying so because I find his charts very helpful.
+1 Reply
There is nothing fake or false in the chart , if you want to trade BO you must have a tested strategy of your own to do so , my strategy is based on wave structure. If you don't have a tested strategy you should NOT be trading live.
+5 Reply
judderod anilmangal
I agree completely. Thanks.
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chartmaster judderod
Exactly my thoughts - The charts he posts are pretty much textbook most of the time and very helpful but I am missing more details such as entry/exit points and targets. That would be very helpful.
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Kumail chartmaster
Perhaps that is (and rightly so), reserved for his Trading Room only.
+3 Reply
judderod chartmaster
I've taken this trade as it meets the conditions of my strategy. Part of the reason for me entering is I see an ascending flat correction on the 1H chart, so my stop is above 1.4843. As far as I'm concerned price has broken out of the bottom now. It may retrace, and then we can say it didn't really break out (ie. 'false/fake' break but as Anil says these terms are misleading). My initial limit will be a little below the middle yellow trend line (to which the upper blue arrow points). I'll be watching price action if it nears this line, because price could well continue on downwards as Anil has shown with the lower blue arrow.
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Kumail judderod
Thanks, that's insightful, based on Anil's chart. May I ask what price you entered at?
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Kumail Kumail
Just trying to learn by discussing, so don't mind please :o

I tried to replicate on my own chart, the lines of Anil. But my question was say this 1hr candle that just closed now, it may not be a Breakout, right? I mean, we could then readjust the structure line (my new line in blue), to show that the Flag/consolidation is continuing? Is my thinking correct?

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judderod Kumail
I think that's entirely possible. I hope Anil comments on this too.
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It's not about the candles, it's about structure , what structure are you looking for? is it a complete structure? how does that structure behaves? You can put lines anywhere you want to but they have no significance. You are not the only one trying to repeat the way I put lines , but I have RULES on how to put those lines so unless you are following the rules you are unlikely to put them correct.
+4 Reply
xtrade2015 PRO anilmangal
yes this is a trickiest part. Thanks Anil
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judderod Kumail
On the 15m chart, I saw price break and close below the trendline. The next candle closed lower still with a wick touching the underside of the trendline. That's pretty good confirmation for me on a trade with this setup, so I sold at 1.4810. Another potential entry could be at the break of the low of the flag (1.4790). If price doesn't go pretty fast (ie starts to flag/correct again), I will look to exit at BE or a small profit and look for another entry.
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judderod judderod
Yet another big well done to Anil, perfect setup. I'll now be looking for a flag for another potential sell.
+1 Reply
Thanks anil, your rules are on point!! Unlike everyone else just jumping into trades and picking top and bottoms
+1 Reply
I've trembled my account value since I've started to follow your ideas, good work Anil!
+5 Reply
Thanks very much
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i sold and got +40 pips .. very good work thanks
+3 Reply
debainnoob ahmedgigo
Currently netted 70
+2 Reply
ahmedgigo debainnoob
great wish u all the best
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debainnoob ahmedgigo
Closed at 80 pips. Your the man anil!
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Your prediction and on EC advice are performing excellently, thank you Ani!
+1 Reply
another fantastic call
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looks like its on its way towards the bottom of the larger time frame structure now. Ive just brought my stop to break even now that ive hit 120 pips profit, fast moving this one gentlemen! Id like to hold this one and try and add to it with each new impulse we get downwards, if im not wrong Anil was forecasting much more downside on this?
+1 Reply
epsion22 nxtleveltrader
moved my stop and got taken out for a nice profit. I guess I will wait for the consolidation and see
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Made $800! Got out at the 2nd trend line, soon as I closed the trade dropped another 50 pips!! wish I would've waited, better than nothing though!
+2 Reply
Your idea is wonderful!
+1 Reply
Graduate one, I've locked my profit and let it run, will add more position after the flag, thanks Mr. Anil
+1 Reply
Hi Anil, where do you put SL actually?
+1 Reply
Thank you for the sell setup :-)
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Thanks Ani, I took profits at 1467, I have now set entry for 14650 to be safe and TP is 14487 to be safe, Thanks a mill.
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Anil - How do you trade a consolidation when you are asleep? Stay awake until it breaks out or put an entry order?
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LOL, when you understand how wave pattern works you sleep well, you don't have to be glued to the screen, I just woke up and it is still in consolidation.

+3 Reply
as i see a lot of spikes today on almost all cad pairs may someone tell me if there is a structure based reason for all of them; or doesn t that look more like something that evolved out of fundamentals which are also represented on the spike also seen on the oil chart (where indeed also a break of a bull flag happend)
i know in the end it doesn t matter...

but i often observe things like that - there is a good reason for a move on, lets say, a gbp chart - and if you switch to other gbp pairs you can see almost the same move starting at the same time without a obvious reason on the chart . it looks like if someone says - lets buy gbp and they buy it on all charts and in the end the structual reason seems to be only coincidental...
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https://twitter.com/Reuters/status/785458596628889600
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very nice hindsight observation.
+2 Reply
Fundamentals, sentiment, manipulation or whatever else moves the price is all built in the structure so understanding structure makes you understand with a HIGH probability the direction the market will go.
+2 Reply
nxtleveltrader anilmangal
Thats what i love about learning to become a successful technical trader, we only need to concentrate on market structure. Every possible other variant is already priced in, 'the market knows all' so to speak. Thankyou for highlighting this to us time and time again Anil!
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arshadd anilmangal
No doubt
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Awesome call, Anil. Made 70 pips, my TP hit while I was sleeping :o
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Nice Chart as usual - thanks -- caught UC and EC - stops in positive - lets see if we get some add ons! great start to the week!
+1 Reply
My attempt at drawing the flag now...

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Disclaimer: I am quite new at Trading, and still learning.
+1 Reply
Dib Kumail
Is the trade still active?
+2 Reply
According to Anil, 13 hours ago, he still is.
+2 Reply
Good call with the flag mate !
+1 Reply
EURCAD ideas. Longer term bearish.
+3 Reply
Another short enrty oppurtunity at 1.47. I am in short trade at this level

+1 Reply
What a nice flag that's about to break..good mentor
+2 Reply
Its time to add more
+1 Reply
excellent setup !
+1 Reply
Thanks for the updates
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Great call Anil!
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Pity i got in late :-(
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Ani, thank you for this, I love following your charts and when I get enough cents I buy a course!
+1 Reply
Anil
thank you
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nice trade anil
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Well, i cannot complain as i was able to get in and bring home 80pips with some scalping on this setup, hope to see the bottom soon. Thanks Anil
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Wonderfull
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Hi Anil,
The structure has been broken should we exit the trade or its just a longer fifth wave ?
+3 Reply
Wait till it completes is my opinon.
+1 Reply
Leart Smiley8080
In his fibonacci retracement it has just touched 1.46318 and i made another small entry I hope it will go well even if not I made a lot of profit anyway
Thank you Master
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your entry on the fib needs an confirmation for more downside, i think its to early to reenter
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Intresting the way it retracts PM, also great opportunities to scalp, although I was off losing somewhere else!
But thanks ani, looks great still!
+1 Reply
Still looking good
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This seems to now be heading back towards where it broke out from the flag.
+1 Reply
Anyone still in this ?
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judderod Jor4hub
I got out of the 2nd setup for a small profit. A larger flag has since formed on the 1H chart which is breaking right now (14595), but I'm not convinced yet. Price seems to be respecting the previous low of the flag from a larger degree (14612).
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Jor4hub judderod
Cheers judderod, I'll be watching for the break
+1 Reply
Nice calls Anil. It continues to drop like you said.

Is someone able to share with me their chart on a larger timeframe and/or more history. I would like to see where how this Structure line is drawn from.
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Kumail Kumail
Sorry, I mean the bottom structure lines.
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This is a great call, nice one Anil!
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Kumail Kumail
Just got out. 70 pips on the first trade. 141 pips on your second call. Nicely analysed, Anil. Thanks for your work and teaching, appreciate it!!

...looking forward to webinar shortly (assuming it's on).
+1 Reply
Moving stops tight in case impulse up will happen, also news events ahead...Better to re-enter than losing hard earned pips..
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Re last update, break or bounce, currently wondering the same scenario for USD/CAD... Hoping for a break lower by the end of the day.
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Gotta be said this is a pretty amazing call, there's what 300 pips profit there and it never went into loss. Awesome.
+3 Reply
Jor4hub judderod
Just in time for the weekend haha
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To the pip
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Great analysis. I killed it with 3 entries for a total move of 300pips.... Thank you Anil, I usually check my analysis on higher time frames with yours.
+2 Reply
Good job Anil
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smozy smozy
I Like following your waves analyse and when I get enough money I will buy your formation thanks a lot
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Anil you are a legend
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[;z check my setup

EURCAD nice Buy setup
+1 Reply
I got a 7.7 risk reward ratio on this, I ended up getting stopped out at 380 pips.
It is starting to look like one more move up, I will wait for confirmation.

Thanks Anil,
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nice one Anil.
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Looking like another sell set up
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