EURCAD is providing a high time frame fib retracement confirmation for a Long 400+ Pip Position Trade. Entries are stated on chart as well as in the chat. Follow The Forex Gurus for more setups.
EURCAD Buy Stop
Entry - 1.48250
SL - 1.47000
TP1 - 1.49039
TP2 - 1.49596
TP3 - 1.50153
TP4 - 1.50842
TP5 - 1.51957
Based on H4 Time Frame
Long Term Trade
Now it can be volatile time. Be ready.
Its not good buy all in now.
Build your position in parts. I marked important zones (support with green price line).
It is good to average the price. Your emotions will be protected :)
Lower Highs are pushing into trend line support. Wait for confirming price action signal like a pin bar for an entry. Lower Highs are present on the Daily, Weekly Chart, and H4 Chart.
EMA 10 EMA 20 are pointing downwards on the time frames mentioned.
In Monthly, you can see current price at almost-pinbar candle shadow. But, the Low price is lower than previous, and no strong rejection at mid point of shadow. Looking at Daily pinbar break, nearest visible demand zone is at H4. At M5, you can see the rectangle I mark at supply zone. This entry idea actually late, but R:R still reasonable.
USDCHF just broke the downtrend and retouched the resistance line ( as you can see the channel), from here there is a big possibility for a retest of the previous support for the continuation of the further downtrend. The dollar is getting weaker for next week so there is a big chance this situation might happen.