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i've already published few days ago an idea on this pair. Unfortunately we weren't able to take advantage of that idea, but now price has given us a second chance. It has came back to retest the daily structure level (that also lines up with the 618 retracement and a round number) and has formed a nice pinbar showing us some buying rejection.
i wanted to share with you this simple structure play. If you zoom out or if you give a look at the daily chart, you'll see that we are now testing a key structure zone on the daily. Therefore i use to lower a timeframe in order to catch an inversion with nice risk to reward ratio.
This level also lines up pretty well with the 618 retracement and the ...
this is a Gartley advanced formation that's about to complete. I think it could be a good idea since price is fronting a structure level that has been respected in the past. I'm using a AB=CD pattern as entry technique in order to have a better risk to reward ratio.
Stops below X, targets at .382 and .618 of AD leg.
Feel free to comment below ...
i want to share with you some of my analysis here on EURCAD.
Right now we are sitting on a daily support level (blue line), which was rejected more than once by price.
We have just put an engulfing candle after a 1pip-missing double bottom.
This could be the first signal of a big reverse, together with that huge rsi divergence going on for the last ...