Technician
Long

EURCAD: Speculating on this Bullish Scenario #forex

FX:EURCAD   Euro / Canadian Dollar
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
MEGA 70% DISCOUNT ON 3 AND 6 MONTHS PACKAGES . Get it before offer expires : https://thefxchannel.com
Hi technician MY idea
Reply
This one is going well! thanks for your GREAT work technician!
Reply
i like your style dude.
Reply
Thanks
-1 Reply
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
I usually cancel my trades if target is almost reached without entry, i have an approach of hit and run usually.
-1 Reply
Nice chart and I agree completely



Like your advise number 7 btw :) good one
+1 Reply
Technician TOP Piphunters
thanks, its great on paper, hard to accept on real life :D
-1 Reply
thank you technician
+1 Reply
Technician TOP manijeh.kazemi.33
:)
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out