EURCAD - Descending Wedge 4 Hour Chart - Pending Buy
Greetings Traders,
In correlation with our anticipated USDCAD move...I've spotted a descending wedge on EURCAD that is trade-able.
Due to the nature of the peaks however, to avoid any false breakouts I've set the following trade:
Pending Buy Stop 1.43550 - Or Manual Entry Along SUPPORT
Stop Limit 1.4250
Target Profit 1.4640
Straight forward trade, as I mentioned above the peaks for the top of the wedge are kind of sloppy but uniform...it was almost 2 acceptable lines and we're in between both of them currently. If the market should move much lower before hitting the Buy Stop for a new high, I will be looking to manually enter a buy at 1.4240 (or wherever the support is at that time. 100 pip stop loss and same take profit.
Please do your own analysis before entering a trade. Feel free to comment/"like" or follow.
In correlation with our anticipated USDCAD move...I've spotted a descending wedge on EURCAD that is trade-able.
Due to the nature of the peaks however, to avoid any false breakouts I've set the following trade:
Pending Buy Stop 1.43550 - Or Manual Entry Along SUPPORT
Stop Limit 1.4250
Target Profit 1.4640
Straight forward trade, as I mentioned above the peaks for the top of the wedge are kind of sloppy but uniform...it was almost 2 acceptable lines and we're in between both of them currently. If the market should move much lower before hitting the Buy Stop for a new high, I will be looking to manually enter a buy at 1.4240 (or wherever the support is at that time. 100 pip stop loss and same take profit.
Please do your own analysis before entering a trade. Feel free to comment/"like" or follow.
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