EURCAD, good area for a short with tight stop loss
Updated
Notice the area of Resistance.
Also, the price already moved a few times in equal measured moves.
Also, price is at the 200 EMA of the 4-hour chart.
That might be an area for an excellent risk-to-reward trade, although at the moment looks like the price is making higher highs and higher lows.
We might wait for the price to do a fake-out move down on maybe the 1-hour chart or enter at the level with a tight stop.
Observing - mindfull of the news coming in 3 hours - Inflation Rate YoY. News trading is not when I want to play with tight stops so probably will just watch.
Also, the price already moved a few times in equal measured moves.
Also, price is at the 200 EMA of the 4-hour chart.
That might be an area for an excellent risk-to-reward trade, although at the moment looks like the price is making higher highs and higher lows.
We might wait for the price to do a fake-out move down on maybe the 1-hour chart or enter at the level with a tight stop.
Observing - mindfull of the news coming in 3 hours - Inflation Rate YoY. News trading is not when I want to play with tight stops so probably will just watch.
Trade closed: stop reached
The big spike up is the Inflation rate YoY news event.
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