We will be waiting to see how price reacts around the 4 hour 50EMA
If there is a rejection from here we will be watching the 1.4860 level to taking a sell position which would complete the right shoulder on the 4 hour time frame.
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This pair is currently testing its long term support line, which has held for nearly two years. Following a touch of the lower Bollinger band, and a recent MACD crossover, this hints at a reversal in price action to the upside may be to come.
I'm stalking a bullish rebellion into a sharp ATR switch for the south, on an 8H time frame. If there is a reversal is may happen on a 15 min time frame. In this screencast, I explore the price action and envelopes of probability.
I recently marked up this pair with a bearish prospective ( i have attached the mark up) since then, price moved bearish and hit our take profit level. Price has moved bullish since then into what we can potentially see as a retracement. We may then see price break lower and move toward our take profit level.
Entry - grey line
Stop loss - red line
Take profit -...
EURCAD on the DAILY time frame has reacted heavily to a previous zone of reversal, closing the day as a bearish engulfing shooting star.
Wait for a pullback and further decline for an intraday short opportunity.
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
Looking to scale in on my original EURCAD short positions now price is making clear lower highs and lower lows.
Aiming to go short at the Fib 0.618 retracement level which coincides with a retest of the broken bullish TL and the new bearish TL drawn on the lower highs. The 4hr 50ema should be in that area to act as a dynamic resistance
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5285 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too...
EURCAD buy set up -
Two entry set up this one, buy on dip. First entry position is the dotted support trend line which has built up since 3rd May with 3 good reversals. Entry 2 is the support trend line which has been holding since 2nd April with major reversals ranging between 120 pips and 160pip bounce offs. The gap is between both entries is around 25 pip....