I've been disgustedly inactive due to hectic school schedules as well as slow internet connectivity. For that, I will be publishing my rationale on why I entered the following trade. For the past days, I've been obsessed with Canadian Dollar pairs. If this Forex pair does break the graphed line, it may possibly dip to the 1.42500 area.
Our preference: lighten as long as 1.4707 is stopper with 1.4491 as objective. Alternative scenario: the overflow of 1.4707, will validate an increase over 1.4785 and 1.4832. Comment: The RSI is below its neutral zone of 50. The MACD is positive and below its signal line. The MACD must press the zero line to confirm a continuation of the drop. In addition, prices...
After the huge decline of the Euro and Loonie Forex pair, it has formed a consolidation on lower time frames showing that it may continue its decline later on with the formation of a descending triangle.
Bullish Pennant after Bullish Impulsive Move. Notice that volume is declining as Price consolidates into the pennant. We also have Divergence as RSI does not conform to Price Action making lower lows. For profit taking targets, we set it at a 1:1 ratio of the flag pole measure from breakout of the pennant. We enter long orders upon breakout of the pennant...
EUR/CAD is currently in a bearish trend and can extend it's loss 300+ more pips down. This is definititely a trade opportunity to keep an eye on. As always, money manage properly and invest only after your own analysis. Happy Trading!
This trade is just the opposite of the CADCHF trade setup since these 2 pairs have a strong negative correlation. But aside from the strong negative correlation, EURCAD has the trade setup which I am looking for so this makes a valid trade for me basing on my rules. Please refer to this link for the CADCHF trade setup for more details: Will enter this trade at...
Since gapping up, price has tested and respected a major support/resistance area bounced up from it. Today we've seen price has touched this major support level and price did pierce through but quickly pulled backed and has respected this level. Zooming in on the 4H time frame, candlestick pattern confirms a reversal in the downtrend to an uptrend is probable and...
From the recent drop of the oil prices due to the disappointment of the market from the OPEC meeting and the recent bull of the Euro due to several factors (including the drop of the Dollar), the Euro-Canadian Dollar pair has been on a market range even during the bulls of the oil beforehand the OPEC meeting. It has now broken the mother bar and is slightly below...
These days CAD is been a strong currency, that can not last. I have my eye on EURCAD. It have been sneaking upwards in its indicators and waiting for it to break 10EMA and 55MA before taking action.
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron