This pair looks to have completed a correction here more confirmation would be to wait for 4H macd to flip green , however on the lower timframe we have what looks to be a valid buy setup and the stop loss is 40/50 pips which is great , this is not financial advice this is just my ideas ive been learning waves for 3 years now i have only just recently got...
Another solid Risk to Reward setup here. I cannot stress how important it is to have a good Risk to Reward ratio under pinning all of your trading decisions. I always look for 5:1, 4:1 or at least 3:1 reward for any capital I put at risk. This means that even if im performing badly and placing more losers than winners, I'm likely to at least break even or even...
Price has reversed from the daily descending trendline and have seen a break on the ascending trendline on the shorter time frame. We have entered at the bearish candle formed at the resistance but second entry would be at the breakout of the corrective...
No point letting this trade turn into a looser now. Two lower highs created, so some structure to help create a logical place to move the stop too. Stop will be now at 1.46825. Worry free trade now, let the market go where it wants on this pair now.
Updates to follow.
EURCAD has broken through a long term downtrend and is close to the newly formed uptrend line.
watch this pair for a sudden retrace down but currently the setup stands.
TP - 1.48747
SL - 1.45735
Bearish Flag patterned identified on the 4hr. Zooming in on the 1 hr we can see another bearish flag pattern slightly pushing towards the upside before we can expect a drop.
The Euro vs. the Canadian Dollar. The Euro is the second most popular reserve currency in the world and is considered to be very stable. The Canadian dollar is the seventh most commonly traded currency in the world and is highly dependent on Canada’s exporting of its natural resources, especially oil.
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