EURCAD - Bearish Engulfing - Daily
Updated
EURCAD has formed a significant bearish engulfing on the daily, weekly and recently the monthly time-frame. I will post the weekly and monthly point of views in the comments below. It appears that a lower high has formed, seen clearly on the weekly and daily time-frames. This is a clear sign that the trend is bearish. SL set above weekly engulfing high, TP set at previous strong support. Resistance lines are marked by the thinner horizontal lines.
Note
Monthly POV: Weekly POV:
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Note
Price is pulling back. I watching the daily time frame for another bearish engulfing before re-entering with a much lower risk. The weekly engulfing is still valid. Let's see how next week plays out. I expect price to continue pulling back, and then drop quickly sometime in the next week or so.Trade active
Price unexpectedly spiked up hitting SL. Formed another significant engulfing candle on 8/31 where I entered short again. Price is now dropping very quickly and another bearish engulfing candle closed on the weekly time frame. Note
TP1 reached: 
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