TheSupportResistanceTrader
Short

Shorting EURCAD at important level and "Broken fang"

FX:EURCAD   Euro Fx/Canadian Dollar
The EURCAD             has multiple times hit the important level of 1.463 (purple box) but has now finally broken through it. We look to short it when it retests this level as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at least 1.447. Moving my stops to breakeven when price hits 2/3 of profit.

We can also see that we are currently in a downtrend (Lower highs and lows indicated by the blue lines).

Good luck everyone and as usual, hold your thumbs!
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out