Looking to scale in on my original EURCAD short positions now price is making clear lower highs and lower lows.
Aiming to go short at the Fib 0.618 retracement level which coincides with a retest of the broken bullish TL and the new bearish TL drawn on the lower highs. The 4hr 50ema should be in that area to act as a dynamic resistance
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5285 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too...
EURCAD is obeying the 38.20% level and market sentiment is starting to change we are going to enter into this position and try ti ride wave three to (3) which is 1.53114
Will also try to enter a short at point (3) and exit at point (4) and then long at point (4) to point (5)
Risk to reward ratio for this is 5.15
EURCAD buy set up -
Two entry set up this one, buy on dip. First entry position is the dotted support trend line which has built up since 3rd May with 3 good reversals. Entry 2 is the support trend line which has been holding since 2nd April with major reversals ranging between 120 pips and 160pip bounce offs. The gap is between both entries is around 25 pip....