EURCAD Long setup - 4hr ChartThis is the same EURCAD long opportunity but from a 4hr chart.
Potential entry zone at 50% retracement of current swing high/low. See daily chart for analysis.
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fxcoach.tv
Fxcoach.tv
EURCAD Long setupPotential EURCAD long setup:
Opportunity:
Price is finding support at the 800EMA, but might dip lower down to retest the previous support. Look for long opportunities on lower timeframes (4hr & 1hr).
Entry:
Look to enter long at a 50% retrace from most recent swing low to swing high (around 1,4280) OR wait for price to retest swing around 1.4080. This is the type of setup where scaling into your position would work well.
Exit
Stop: Below recent swing low or at 1,3980
Profit: If price moves north, expect to find resistance at the 200 EMA and previous trendline. This is a good place to set your stop to break-even if you entered long near the 800EMA.
Aim to target Resistance Zone #2, as price retests previous swing high.
Happy trading!
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fxcoach.tv
