The market recently brokeout below the horizontal support of the descending triangle and is currently retracing. Possible sell re-entry at confirmed bounce off downtrend resistance + flip support + fib retracement levels ↘️
EURCAD - Sell running in profit
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter.
What is our strategy?
Our strategy is a trend following...
Please view my related idea below to gain more insight to my thoughts on this pair. I would now say I am highly interested in a long position, I will be waiting for a significant pullback to get an ideal RRR trade.
I am still not 100% sure if this pair has shown signs of a fake breakout, we will need to monitor the price on Monday and wait and see whether or not price wants to continue ot respect the ascending trend line or trade outside it again. Definitely one to keep on your watchlist, lots of potential for an upside move here.
COT Data - 72% Short
As you can see above price is stepping down nicely and respecting structure whilst doing it. This pair has recently broken the respected ascending trend line marked, we could now see a potential pullback before a continued sell-off as illustrated.
According to COT data source - 47% short
We can see price fell from a key level of resistance, its now retracing
We will wait for a break of structure before shorting this pair.. im expecting price to bounce off of one of the fibo levels then break structure
Once thats done we can look to short
This pair has broken out of the small ascending channel that it was respecting after touching the significant structure. I will be monitoring this pair closely now to see whether or not we get a good sell confirmation from this region, I have marked a potential trade I may take depending on how price reacts.
76% of commercial players are short according to my COT Source.