MN-W1 price above ema-20/50/200. D1 price is above ema-200, price appears to be consolidating on as ema-20/50 are intertwining with consolidating falling wedge pattern. Price has bounced back several times from the high of 24-03-20, each time before reaching its price target a correction appears suggested by price trending above H4-ema-20/50.
In trading there are winning and losing runs - managing your risks and emotions are equally if not more important than the trading itself.
EURCAD has been a great pair for us banking TP3 cleanly on the last 3 trades. We hit 2 losers on this pair this week - and now we are nicely in profit again hitting TP1 with a bullish move.
You can not get emotional when...
The last EURCAD Buy was kind enough to provide us with out TP3 target which is based on 1:3 Risk to Reward.
Our Sell trade is now moving nicely and running +114 pips with hardly any draw down and is now risk free.
- My first ever publish of the analysis. It has broken through the 4 hour resistance and retested. Now entered the trade for a long this could take along time to get to the TP.
- Please leave me any feedback which would be really appreciated on this forex journey.
For more information on our strategy please view our 'Scripts' page on our Trading view profile.
Our V2 strategy shows the SL and multiple TPs on the chart too - these are customisable based on the ATR of each pair.
We have set these so that TP1 is 1:1 TP2 is 1:2 TP3 is 1:3 RR.
There are infinite ways to manage your trades to suit your mindset and time.
So from my previous post you will see that I was in sells come out at breakeven where it just retraced back to my entry!! Not what we wanted! Now looking into the 4hour TF! i see another opportunity to sell!
With good RR!
this is a okay set up. I will be monitoring this!
So here is EURCAD good setup got RR 1:7 if it gets there! I am also awaiting it for it to fall back within the trendline and if it does I will take this trade!!
The Euro may face higher selling pressure following the publication of German IFO data. Preliminary forecasts for the business climate component are estimated to show a 78.3 print, slightly higher...