EURCAD setting up nicely for buys
I absolutely love this trade setting up. here if you trade support and resistance , price action or Fibonacci, this trade sticks out like a sore thumb. beautiful set up even though I'm not a big fan of CAD pairs but i can't ignore what I'm seeing here. On the daily we see the resistance area marked in purple , this area has been tested multiple times and is a valid area of Support and Resistance, in this case it smashed through the resistance and retested that area as support, moreover there is an ICI setup bouncing clearly from the golden zone which is also the area of interest where we see price action indicting bullish momentum.
i see price reaching the 38.2 Fibonacci, if we get a 4hr candle close above this line that will validate this set up and then I will be placing my Buy Limit @ 1.50835
Going for a 1:4 RR
SL @ 1.50250
TP @ 1.53180
Move SL to break even after a 4hr close above 1.51500
Will be taking 80% off my position in profit at 1.52500
Will be risking 1.5%- 2% on this trade
i see price reaching the 38.2 Fibonacci, if we get a 4hr candle close above this line that will validate this set up and then I will be placing my Buy Limit @ 1.50835
Going for a 1:4 RR
SL @ 1.50250
TP @ 1.53180
Move SL to break even after a 4hr close above 1.51500
Will be taking 80% off my position in profit at 1.52500
Will be risking 1.5%- 2% on this trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.