Technician
Long

EURCAD: Speculating on this Bullish Scenario #forex

FX:EURCAD   Euro Fx/Canadian Dollar
2440 17 42
After a one week travel vacation, i am glad to be back mates. Starting with a long trade on EURCAD            

On the monthly chart we have seen price form a hammer candle as it was rejected on the 61.8 retracement for the major bullish wave (1.2128-1.5585).

Meantime, on the daily chart , the price could be forming an inverted head and shoulders with a potential right shoulder currently forming at the 50-days SMA and a neckline at 1.3760 level. This is not a complete pattern, but there is a possibility that we reach back to the neckline at 1.3760 as the price formed a daily long-legged doji candle at the 50-days average and 0.618 retracmenet.

If my suggested scenario to materialize, i would book profits closing half of my position near the neckline. Move stop loss to entry point in anticipation for a bullish breakout.

Good luck
Subscribe to my trading portal http://thefxchannel.com/ ,
My best regards
Technician


Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
If you dont want to miss any trade and see all the trades live, fully transparent. No bullshit like some others. Join my FREE channel here https://telegram.me/technician_forex_trades
great! ..we have a similar view!

$EURCAD: MODEL UNDER COSTRUCTION
Reply
Casey_Yeo
2 years ago
Welcome back mate! Great stuff as usual.
+1 Reply
Technician TOP Casey_Yeo
2 years ago
Thanks my friend
-1 Reply
viooooolam
2 years ago
great job!
+1 Reply
Technician TOP viooooolam
2 years ago
thx there
Reply
Daniel.B
2 years ago
Looks good thanks for the post! =)
+1 Reply
Technician TOP Daniel.B
2 years ago
Yw mate
-1 Reply
thank you technician
+1 Reply
Technician TOP manijeh.kazemi.33
2 years ago
:)
Reply
Piphunters
2 years ago
Nice chart and I agree completely

Bounce trade EURCAD ~300Pips target


Like your advise number 7 btw :) good one
+1 Reply
Technician TOP Piphunters
2 years ago
thanks, its great on paper, hard to accept on real life :D
-1 Reply
Prome PRO
2 years ago
What's the point of the 5th point of your trading criteria? why should you close the trade if the entry point was not triggered again? thx :D
Reply
Technician TOP Prome
2 years ago
I usually cancel my trades if target is almost reached without entry, i have an approach of hit and run usually.
-1 Reply
JEMCORP
2 years ago
i like your style dude.
Reply
Technician TOP JEMCORP
2 years ago
Thanks
-1 Reply
Tijmen_K
2 years ago
This one is going well! thanks for your GREAT work technician!
Reply
Hi technician MY idea
EURCAD
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