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
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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

Comments

Nice chart and I agree completely



Like your advise number 7 btw :) good one
+1 Reply
Technician Piphunters
thanks, its great on paper, hard to accept on real life :D
-1 Reply
thank you technician
+1 Reply
Technician manijeh.kazemi.33
:)
Reply
Looks good thanks for the post! =)
+1 Reply
Technician Daniel.B
Yw mate
-1 Reply
great job!
+1 Reply
Technician viooooolam
thx there
Reply
Welcome back mate! Great stuff as usual.
+1 Reply
Technician Casey_Yeo
Thanks my friend
-1 Reply
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