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Eurcadsetup

EURCAD Short OpportunityThis trade is just the opposite of the CADCHF trade setup since these 2 pairs have a strong negative correlation. But aside from the strong negative correlation, EURCAD has the trade setup which I am looking for so this makes a valid trade for me basing on my rules. Please refer to this link for the CADCHF trade setup for more details: Will enter this trade at 1.47900 with initial TP of 1.44600 to achieve 1:2 RRR while setting 165-pip stop loss. I know this is a very wide stop loss but it is just based on the size of the strong red candle which validates the trade idea and EURCAD has a quite high ADR so setting a 165-pip SL is also quite reasonable for the matter.
Short
by CaptainHawk
Long EURCAD Longterm Based on 1D ChartSince gapping up, price has tested and respected a major support/resistance area bounced up from it. Today we've seen price has touched this major support level and price did pierce through but quickly pulled backed and has respected this level. Zooming in on the 4H time frame, candlestick pattern confirms a reversal in the downtrend to an uptrend is probable and momentum is changing with stochs touching 10% oversold. Check lower TF's for best entry. I've placed Stop loss very tight on the chart but do your own analysis, I may make mine wider. This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits. Please comment below and Like if you agree with my analysis.
Long
by AEFX786
2