EURCAD: Potential long term short
Updated
EURCAD is displaying a potential topping pattern at the top of the recent range, right against a long term mode, the price zone with the most activity in the chart since 1994.
The previous reaction to such a strong historical resistance level was seen in the chart I posted before, where I reccomended buying against support for a potentially very large move to the upside (which resulted in a home run trade, with enough returns for a year).
This is a terrific opportunity to get short the Euro, and long the Canadian, something which I think is perfectly aligned with the current fundamental landscape.
I'll enter with 3 positions, and attempt to ride the downtrend all the way down, booking partial profits on short term selling opportunities, while keeping the core position running, and I'd reccomend you do the same.
I favor an ATR based stop loss, against key levels. If interested in getting specific management cues and further add on opportunities, were this trend to reverse as depicted on my quarterly chart, contact me privately.
See my profile for details.
Cheers,
Ivan Labrie.
The previous reaction to such a strong historical resistance level was seen in the chart I posted before, where I reccomended buying against support for a potentially very large move to the upside (which resulted in a home run trade, with enough returns for a year).
This is a terrific opportunity to get short the Euro, and long the Canadian, something which I think is perfectly aligned with the current fundamental landscape.
I'll enter with 3 positions, and attempt to ride the downtrend all the way down, booking partial profits on short term selling opportunities, while keeping the core position running, and I'd reccomend you do the same.
I favor an ATR based stop loss, against key levels. If interested in getting specific management cues and further add on opportunities, were this trend to reverse as depicted on my quarterly chart, contact me privately.
See my profile for details.
Cheers,
Ivan Labrie.
Note
Trade active
We're in with a profitable trade.Good luck!
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Terrific, I hope everyone caught this short.Note
Flat for now, will rejoin soon.Note
Reshorted, we have a tight stop, but fairly safe.Aiming for retest of the lows before the rally or lower.
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Timing was spot on, could have held the top entry, oh well.I hope everyone's in. If not in and don't want to miss out, like when I posted 2 hours ago, use a wide ATR stop loss (3 atr will never get you stopped if you're right)
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Adding to shorts, fade any rallies, sell new lows, just sell.Note
Fading today's rally was a good idea. On Monday we have a new mode to short against, lower.This means the downtrend is very strong.
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Let this one run for eternity...aiming below 1.46 is very realistic.Note
Reshorted, and adding on a break of support.Note
A retracement in EURUSD is likely, I expect some consolidation or retrace here as well.Will be ideal to add to or rejoin this trend.
Trade active
I'm long with a wide stop/small position.Trade closed manually
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