EURCAD - 4hr Timeframe - Short Opportunity
Following our daily timeframe overview on EURCAD (www.tradingview.com/u/TradingClear/), we believe that a bit more downside on this pair could be expected. On the 4hr timeframe chart, we can see clearly that the pair has gone for a downside movement and then for an extensive correction to the upside. The correction could be coming to the end right about now, and this could be a great short opportunity.
For advanced traders. Watch for breaks on the 4hr corrective structure, with a stop loss above the structure. Keep you entries and stops tight right after, as we could be looking at a more complex correction so consider putting in BE when it gets to previous 4hr low (1.5289 area).
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
For advanced traders. Watch for breaks on the 4hr corrective structure, with a stop loss above the structure. Keep you entries and stops tight right after, as we could be looking at a more complex correction so consider putting in BE when it gets to previous 4hr low (1.5289 area).
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
We are keeping our stops in break even from now on as we cannot exclude one more up move before the pair falls deeper.
Comment:
Closed in break even.