EURCAD is bullish. It was bearish but price broke H1 resistance to change the trend back bullish. I'd prefer price to form a HL before looking for buys towards 1.58000.
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Stop Loss 🛑: Thief SL placed at 1.56000 (swing / Day Trade Basis) Using the 2H period, the recent / swing high or low level. SL is based on your risk of the trade, lot size and how many multiple orders you have to take.
EURCAD Some ideas regarding big players stabbing the pot.
I recalled my years of trading where I thought price is coming down because it looks and is coming down but when I enter, the price reverses and does the stabbing action into a M, or W pattern, double or triple top pattern, and I have no idea why it did what it did.
But now I do.
Maybe the product's supply hasn't been met, or the demand isn't as strong as it seem, or the big boys didnt get their fill and they are trying to get more, by inciting the market to create some reaction so they could buy over the products from the retailers for a cheaper price.
when price shoots up above the 20ema aggressively, price comes back down.
Sometimes it overshots the resistance level, it seems like a coordinated attack, and some firms see the manipulation too and they join in, thus, the manipulation isn't very accurate, sometimes it overshoots.
So, this time round, the price manipulation is being observed again.
The past few rounds of manipulation might have been committed by different people, or different group of people, and sometimes, more than twice, as seen on the chart. That's why the spikes are not clean.
I think price would be coming down.
Besides, the stoch 20,1,1 is overbought, giving a nice confluence that boosts confidence.