EURCAD: A Good Sell Opportunity After a Period of Correction
Updated
EURCAD has been trending down and made a new yearly low at 1.3400 level back in late April. During last two weeks, the price has corrected, reaching the previous resistance level of 1.3760. We can see that from this level, many strong rejections have occurred and then ultimately sent the prices to new lower lows.
In one hour chart, we can see that the price has broken down from a double-top pattern, followed by a strong bearish impulse candle. Same scenarios have occurred in the past at this resistance level. We are looking to enter sell positions after a retracement back to the neckline area of the double top.
In one hour chart, we can see that the price has broken down from a double-top pattern, followed by a strong bearish impulse candle. Same scenarios have occurred in the past at this resistance level. We are looking to enter sell positions after a retracement back to the neckline area of the double top.
Trade active
Sell position entered: 1.37350 SL: 1.37850
TP1: 1.3600
TP2: 1.3540 or the previous bottom at 1.3400
Risk 1%
Note
If the chart is hard to see, please zoom in the chart :)Note
We took a partial profit (65 pips) at 1.3670Note
We took another partial profit at 1.3570 (165 pips) As for the rest of the position, SL is set at break even and target is set at the yearly low of 1.3400.
Trade closed: target reached
Alright, we won't be greedy. Rest of the position is closed at 1.3540 (TP2)
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