We are short EurCad after a failure. The price have failed to make the high of the pullback, this means to us that the overriding trend has taken over. SELL.
STop Above 1.4540
REASONS TO SELL:
-LET'S KEEP IT SIMPLE
-THE APRIL LOW IS WHAT WE WANT TO SEE BREAK WITH FORCE! 101.30 AREA.
-PRICE ALREADY PENETRATE THIS REGION ON 21ST MAY. WITH NO FOLLOW THROUGH.
-THE LOW OF 21ST MAY FAILED TO MAKE A NEW HIGH.
-WE HAVE NOW TESTED THE MINI STRUCTURE AROUND 101.73
- FURTHER DECLINE BELOW THE 101.43-40 IS KEY FOR US TO SEE MORE DOWNSIDE MOVEMENT...
174.77 - 80 area is the high of this daily triangle. 163.84 is the low.
Price broke out on 14 May, we have seen a good retest of this triangle which suggest to me that the move is just about to start. we have a small stop 172.00 area.
WE ARE NOW SHORT EURJPY THE TREND IS TO THE DOWNSIDE BELOW 141.25
THE DOWN-TREND GIFT HAS BEEN BROKEN IT'S JUST THE MATTER OF BEING PATIENT. OUR ENTRY IS BELOW 140.17 SHORT.
FIRST TARGET READS. 136.22 AREA. IF WE MANAGE TO BREAK THIS REGION SKY IS THE LIMIT...TRADE SAFE.
On 13th Jan, 2014 the structure 170.39 was broken.
Price immediately traded back above this structure failing to make a new high.
On 24th Jan, 2014 this structure was broken again.
Price again traded above the structure and again failed to make a new high creating a pullback zone of 171.440.
The structure was broken again on 29th of Jan with more success creating...
The primary trend is still intact; bullish.
We have traded above the daily structure of 1.5596
Before this pullback to the major level of 1.5029.
The last day candle close confirms to us that price may not go lower before making a new high.
Therefore we are LONG, looking for a break above 15295 and 15575.
Above the latter we are expecting a new high.
Stop...
