It was one month ago when we succesfully played the wedge break and the correction in a good risk/reward short trade. Since then price has moved back up within the Cloud, means has been consolidationg. In last few days it has reached the previous horizontal key support/resistance, and also tested the Kijun Sen here. Slow Stoch maybe turning lower again, and Daily Kumo bottom catched up, and Kumo is relatively thin below the price now. Chikou Span (blue lagging line) still below price.
4 Hrs: no real sell signal yet, but there is some minor deterioration in current bullish price action, in fact this 4 Hrs bullish move couldn't really get a serious momentum: this is in line with the daily consolidation.
If price can not break above 1,5300, and turns down from here, then it will have a good chance to build a Head and Shoulders pattern as well.
Real sell signal would come in with a real break and with a follow through below 1,5200.
We can either wait, or maybe start to "gamble" a bit on this chart now. I'd sell some small here, with stop above 1,5300. Size up below 1,5200. Let's put this EURCAD on the radar, as it can become interesting soon again.
4 Hrs: no real sell signal yet, but there is some minor deterioration in current bullish price action, in fact this 4 Hrs bullish move couldn't really get a serious momentum: this is in line with the daily consolidation.
If price can not break above 1,5300, and turns down from here, then it will have a good chance to build a Head and Shoulders pattern as well.
Real sell signal would come in with a real break and with a follow through below 1,5200.
We can either wait, or maybe start to "gamble" a bit on this chart now. I'd sell some small here, with stop above 1,5300. Size up below 1,5200. Let's put this EURCAD on the radar, as it can become interesting soon again.
