Hi there, We have completed the regular flat and are now starting the next impulse. My trade would be on the 1H time frame (or even lower) once another flat forms in order to get into the buy (2nd position). First position was at the bottom of the structure. I am now expecting the next big impulse up, except something changes drastically in the structure. MisterRay
Fundamental: CAD: Latest BOC rate is maintained at 1%. This further pressure CAD as it coupled with slow NAFTA progress. Technical: Uptrend channel persist after BOC rate is maintained at 1.0% Price is now at the bottom of the channel. Target 1R lower than previous high, but if price broke the level, next target is below weekly resistance 2R
Weekly supply taken out Monthly is up Weekly is up D1 is down Looking for LONGS on D1 fresh demand zones OR D1 demand WITHIN Weekly Fresh Demand zones Trade 1: D1 chart Entry: NOW at market price SL: 1.19422 (Below D1 fresh demand) TP: 1.51964 Trade 2: D1 chart Entry Below @ Weekly and D1 demand zones pending order @ 1.48474 SL: 1.47179 TP: 1.51964
From what I see the Euro Cad is having a little correction could be a deeper one I'm not sure , I tried to show you the three strategies I have in place for this trade. I would prefer it be really deep so the up move can push higher . this is what I see so far will edit along the way Kris www.mymentortv.com
So the area where I took the trade wasn't the best level to choice from, now seeing the market in better perspective I have renentered this trade with a better rr of 1 to 9.45 hitting my pitchfork as well as going back into where buyers were present. out of ten I am pretty happy with this trade 8/10 to make it 10/10 need on the lower time frame close of a higher ...