The EURCAD is my bread-n-butter. This pair has high ATR's, a fairly low spread and is pretty easy to read. If you catch the right trade, you can finish an entire week's worth of trading with one position. However, since mid 2015, price action has become increasingly choppy with, what some would say, are unpredictable spikes. If you are worried about "random" spikes, keep an eye on oil. Most of the large pushes (they're not actually spikes because they take a day or more to form) are directly related to key level breaks in oil.
Here is my plan for 2017:
Short Term - This pair will grind lower until it reaches long term support. I have no idea how it will get there and don't really care. My plan is to fade the bull runs. I'll use the short term channel to help time my entries + a healthy does of Fibs.
Long Term - If you take a close look at this chart, the pair has a history of touching support and then quickly retreating. While the short term trend is bearish, as soon as price action reaches long term support, the trend bias will flip to bullish. Keep an eye on long term support and don't get caught with your pants down.
Summary - short term bearish until long term support is reached, then bullish for the rest of 2017.
Trade safe, keep an eye on NEWS and always eat plenty of tacos!
Here is my plan for 2017:
Short Term - This pair will grind lower until it reaches long term support. I have no idea how it will get there and don't really care. My plan is to fade the bull runs. I'll use the short term channel to help time my entries + a healthy does of Fibs.
Long Term - If you take a close look at this chart, the pair has a history of touching support and then quickly retreating. While the short term trend is bearish, as soon as price action reaches long term support, the trend bias will flip to bullish. Keep an eye on long term support and don't get caught with your pants down.
Summary - short term bearish until long term support is reached, then bullish for the rest of 2017.
Trade safe, keep an eye on NEWS and always eat plenty of tacos!