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Eurcadbuy

Another long opportunity on EURCADHi guys, i've already published few days ago an idea on this pair. Unfortunately we weren't able to take advantage of that idea, but now price has given us a second chance. It has came back to retest the daily structure level (that also lines up with the 618 retracement and a round number) and has formed a nice pinbar showing us some buying rejection. The divergence on the RSI additionally confirm our view. Stop below the low, (conservative) targets as illustrated above. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
EURCAD: Future Direction Hinges on 1.4095Exactly one week ago we discussed how the EURCAD bulls were tiring following a 430 pip bearish engulfing week. When I released that commentary on April 6th, the pair had already broken channel support on an intraday basis. While writing that post, I took a short position at 1.4321, which I shared with members at the time of the entry. I also added to that position on the April 11th retest of 1.4170, a level I mentioned in last week’s post. For a more detailed write up of the EURCAD including the March retest of a 2,000 pip head and shoulders neckline, see this post. Another level I was keeping a close eye on is 1.4095. The area served as key resistance in late January and early February as well as a brief period on March 1st and 2nd. It was also the technical catalyst for yesterday’s rebound. A quick Fibonacci study shows that 1.4095 is the 61.8% retracement when measuring from the current 2017 low at 1.3783 to the high at 1.4598. While sellers have already managed a 4-hour close below the area, I’d like to see a daily close (5 pm EST) to confirm the break. If that happens, a retest of 1.4095 as new resistance is likely given that the pair is currently 150 pips below the mean as measured by the 10 and 20 EMAs. On the other hand, should buyers close the pair above 1.4095 before today’s close, traders can watch for selling opportunities from the 1.4170/90 area. A close above that would expose the next resistance level at 1.4260. I’m standing aside, for now, to find out which side will be victorious at the end of today’s session. I’d like to add to my current short position, but a confirmed break of support is needed first.
by Daily-Price-Action
2
Structure Play! (EURCAD analysis)Hi guys, i wanted to share with you this simple structure play. If you zoom out or if you give a look at the daily chart, you'll see that we are now testing a key structure zone on the daily. Therefore i use to lower a timeframe in order to catch an inversion with nice risk to reward ratio. This level also lines up pretty well with the 618 retracement and the psychological number of 1,4100. Plus, we've got RSI divergence and RSI overbought at this time. The clues are enough for me to take this trade, i'm waiting a pullback in order to get a better risk to reward ratio. Stop below the lows, targets as illustrated above. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
Structure Play on EURCADHi guys, i wanted to share with you this simple structure play. If you zoom out or if you give a look at the daily chart, you'll see that we are now testing a key structure zone on the daily. Therefore i use to lower a timeframe in order to catch an inversion with nice risk to reward ratio. This level also lines up pretty well with the 618 retracement and the psychological number of 1,4100. Plus, we've got RSI divergence and RSI overbought at this time. The clues are enough for me to take this trade, i'm waiting a pullback in order to get a better risk to reward ratio. Stop below the lows, targets as illustrated above. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
Reverse signal down at daily support on EURCADHi traders, i want to share with you some of my analysis here on EURCAD. Right now we are sitting on a daily support level (blue line), which was rejected more than once by price. We have just put an engulfing candle after a 1pip-missing double bottom. This could be the first signal of a big reverse, together with that huge rsi divergence going on for the last lower lows. My first target would be at 1:1 RR knowing that the stoploss has to be 30 pips under the low. Second target along with structure. If you have any comment, please do. Otherwise, see you in the next chart!
Long
by Roker1