Looking at this chart on the daily time frame you can see it has had the 3rd touch and price has already moved 50pips. I still expect price to go even lower here and will be entering a live sell when markets open.
SL 1.53000 (35pips)
TP1 1.50650 (200pips)
EURCAD has pushed relentlessly north for the last 15 hours and we have overbought conditions on several time frames. WR1 is now in striking distance. This will be an irresistible target for EUR BULLS and its likely the BEARS will stand aside ready to pounce when the price hits WR1. This is a nice setup as SELLERS will avoid the market until this level is reached...
Entry Price: 1.5055
SL Price: 1.5090
TP Price: 1.4980
Reason for entering the market: This pair has just touched the top trend line and is about to fly to the bottom trend line ...
Further actions: I will re-entry two more times if this really shoots up, moving the SL's to break even in order to minimize possible capital loss and...
. There is still a possibility of temporary retracement to suggested resistance line (1.4615). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...