We believe that the correction on
EURCAD
is over, and the pair is starting an impulsive movement to the downside, which represents a great short opportunity with an excellent risk to reward ratio.
On the 60min timeframe, the pair broke the ascending triangle pattern to the downside, retested the trend line and started the down movement, so we opened short positions at the time. If you haven't yet taken a short position, and as per a more conservative approach, wait for said impulse to complete on the 1hr timeframe, let it correct itself with a small flag or corrective structure, and sell the break of said correction.
Please check our daily timeframe chart to have an idea of the impulse's target area:
Trade with care and only with a backtested strategy that works for your trading style.
Please don’t forget to follow us, if you feel that our analyses and views may be a useful complement to your trading strategies.
Thank you for viewing.
EURCAD
is over, and the pair is starting an impulsive movement to the downside, which represents a great short opportunity with an excellent risk to reward ratio. On the 60min timeframe, the pair broke the ascending triangle pattern to the downside, retested the trend line and started the down movement, so we opened short positions at the time. If you haven't yet taken a short position, and as per a more conservative approach, wait for said impulse to complete on the 1hr timeframe, let it correct itself with a small flag or corrective structure, and sell the break of said correction.
Please check our daily timeframe chart to have an idea of the impulse's target area:
Trade with care and only with a backtested strategy that works for your trading style.
Please don’t forget to follow us, if you feel that our analyses and views may be a useful complement to your trading strategies.
Thank you for viewing.