EURCAD Potential Short *READ* Rules for Entry Below!

FX:EURCAD   Euro Fx/Canadian Dollar
FX:EURCAD             has been consumed by bearish momentum today and there is still potential to hop on that momentum to pick up some nice profits with minimal risk. Please follow the rules below for how to go about this trade and also please note the short summary below the trading rules that summarizes how this trade set up could be rendered invalid.

Please note the following rules below for entry:
  • A corrective retracement to the 1.49275 level
  • 1.49275 level holding as resistance
  • Enter on bearish momentum after the two rules above have been confirmed
  • Stops around 1.49600
  • Profit whatever you can get (in a perfect world the the lower support level of around 1.48500)

This trade will lose its potential if either of the two first rules become no longer applicable. For example if price action fails to retest the 1.49275 level and pushes lower to target before a retest or if the 1.49275 level fails to hold as resistance and price action pushes higher with bullish momentum.

You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.

If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
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