TheDailyTrader_FX

EUR/CAD 4H Bearish Bat Formation @ 1.52000

Short
OANDA:EURCAD   Euro / Canadian Dollar
Following the break of the descending channel (see pic. below)
Pair is now setting up for a bearish pullback trade. Bearish bat that pair is potentially forming now, is completing at even handle number 1.5200, which serves as resistance itself. Also completion of the bat would form double top and therefore if bat pattern's gonna work out then I will be looking to trail my T/P 3 targets for an opportunity to catch bigger move down below the structure lows of the bat pattern . But there is no need to get too exited yet about that bigger move down, as this bat pattern may also turn out to be start of some kind of consolidation before the price moves further to the upside, so NEVER forget about your stops. I am going to use ATR based stops above the bat pattern highs or starting point X.
RSI should be overbought and diverging at completion of the pattern to confirm sell signal.

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