EURCAD forming a wedge on the 4hr timeframe and coming up to resistance.
Resistance at EMA 200 on the daily timeframe and EMA 800 on the 4hr timeframe.
Ideal entry at 1.51200, targeting 1.51000 and 1.50500 respectively.
As you can see EURCAD recently has reached to a key level where this pair has acted as a support and resistance in the past. Once again we have seen a rejection at this level. Just waiting for the current 4h candle to engulf the previous green candle and will be shorting from here.
Initial tp will be 1 ATR which is around 45 pips and manage from there...
Hello, colleagues. I've put sell order at EURCAD. Price moves downwards and draws 8 bars with big pins upwards near the pullback . The pullback is 50% of the previous movement.
On Friday the great bear pinbar has formed.
Starting R\R 5:1
I wish a successfull trading week to all.
1. The downtrend intervals every 280 to 282 bars
2. The uptrend intervals every 198 and 205 bars.
3. Price divergence on weekly
4. The pair has retested the 0.25 Pitchwork
5. Next major swing low is on 14/03/2018
this is what i call "False Breakout". I've posted an analysis on this pair in the last days but i was unable to take that trade (fortunately) as explained there (see attachment).
Nevertheless, i'm not in any correlated trade right now and i can indeed take this trade if the market will let me do that. The reason i think this could be a false breakout is...