EURCAD heading south
Updated
Reposting my previous idea as I want all the chart to be posted. Hopefully works this time!
- Euro-average looks like it's going for the last wave in it's descending channel.
- CAD-average has been going from strength to strength and I expect it to push at least to the resistance at the top of the current channel
EURCAD as a whole shows hidden bearish divergence, which supports my view of a continued downtrend. Divergences have been my by far best signal and I'm pissed every time I doubt them or miss trading one.
Actually, the entry I posted isn't perfect, so you might want to give the trade some space to operate. I think the Euro is pretty clearly going down (let's see what happens!!) but CAD might want to retrace, so worst case scenario is the trade mostly sidestepping for a day then a minor move.
Rules of the game
- Put the 80 pip stop loss, but also close the trade if it isn't in the green within 30 hours.
- Take profit 1/3 at 1.50400, 1/3 at 1.50000 and let the rest run to oblivion.
- In my book this is an A- entry, so I feel pretty comfortable about. Might upgrade to A+ if everything pans out as I think.
Cheers!
- Euro-average looks like it's going for the last wave in it's descending channel.
- CAD-average has been going from strength to strength and I expect it to push at least to the resistance at the top of the current channel
EURCAD as a whole shows hidden bearish divergence, which supports my view of a continued downtrend. Divergences have been my by far best signal and I'm pissed every time I doubt them or miss trading one.
Actually, the entry I posted isn't perfect, so you might want to give the trade some space to operate. I think the Euro is pretty clearly going down (let's see what happens!!) but CAD might want to retrace, so worst case scenario is the trade mostly sidestepping for a day then a minor move.
Rules of the game
- Put the 80 pip stop loss, but also close the trade if it isn't in the green within 30 hours.
- Take profit 1/3 at 1.50400, 1/3 at 1.50000 and let the rest run to oblivion.
- In my book this is an A- entry, so I feel pretty comfortable about. Might upgrade to A+ if everything pans out as I think.
Cheers!
Trade closed: target reached
I stopped out at TP1 due to accidentally put limit. Still a good trade adding some 6% to account balance. Eurusd is sitting at Berlin Wall support now so not counting on it falling lower. If it does we can keep shorting it to oblivion though. All in long EU!Note
Some comments: Divergence is the best entry trigger, but it is only valid at the exact moment it appears. Second: Both CAD and EUR are at key points atm where they might turn, so if anybody out there in cyber space took the trade and wants to lock in some profits, do it now.
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