EURCAD Support and Resistance 050919
We may be a little late on this pair but let's let the market decide.
If there is still a retrace to a weekly zone (orange line, the area above that is a Fib level), wait for PA to go short.
Confluence of Fib level, weekly resistance and volume make it a sweet spot to go short.
TP is also a confluence of a monthly resistance (red) and a fib level. R:R is about 1:2.4
If there is still a retrace to a weekly zone (orange line, the area above that is a Fib level), wait for PA to go short.
Confluence of Fib level, weekly resistance and volume make it a sweet spot to go short.
TP is also a confluence of a monthly resistance (red) and a fib level. R:R is about 1:2.4
Trade closed: target reached:
2 trades were entered in total (both denoted by down arrow) as PA was favourable in both situations. TP was hit twice with the 2nd trade closed manually as PA showed a slight change in momentum some pips before reaching the target several times.