FX:USDCAD U.S. Dollar/Canadian Dollar
we could make a few pips today with USD/CAD in mode. Now the market looks to change direction.
Nice picture with both SHS .
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ya It is// plz can you suggest me why market came back from 1.3165 region to 1.3035 zone???i can not understand the fury behind it...i was profitting in buy and i was looking for 1.3195 zone but all the sudden prices went down too fast and it hit my stoploss...and i lost heavy amount...>?? can you suggest what actually happened>>??
I will try to explain. You have been long on a countertrend, means you entered long on a bearish down leg´s retracement. Have a look on the red lines these lines represent a bigger correction of the former up trend. The blue lines are just the correction of the down trend which look like a little uptrend. If you enter long in such situation you always need to have tight SL and you always need to count with the next sell off phase which actually has been initiated 1.3160 (blue resistant level which I coincidentally draw in upper analysis) This level was also almost 78.6 fib level of former down impuls. Learning: Never be too long in a countertrend.
thou its too late...bad for me....i have another position opened in eurusd long at 1.0962, targetting to 1.1090 region with stoploss at 1.0895...thou its also countertrend but i think with thorough analysis the prices will retrace by potential butterfly which is actually at partial uptrend to 1.1150 but im targetting just 1.1090. Hope im not wrong this time...