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Sep 5, 2019 1:46 AM

EURCAD Support and Resistance 050919 Short

Euro Fx/Canadian DollarFXCM

Description

We may be a little late on this pair but let's let the market decide.

If there is still a retrace to a weekly zone (orange line, the area above that is a Fib level), wait for PA to go short.
Confluence of Fib level, weekly resistance and volume make it a sweet spot to go short.

TP is also a confluence of a monthly resistance (red) and a fib level. R:R is about 1:2.4


Trade closed: target reached

2 trades were entered in total (both denoted by down arrow) as PA was favourable in both situations. TP was hit twice with the 2nd trade closed manually as PA showed a slight change in momentum some pips before reaching the target several times.
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