After a one week travel vacation, i am glad to be back mates. Starting with a long trade on EURCAD
On the monthly chart we have seen price form a hammer candle as it was rejected on the 61.8 retracement for the major bullish wave (1.2128-1.5585).
Meantime, on the daily chart, the price could be forming an inverted head and shoulders with a potential right shoulder currently forming at the 50-days SMA and a neckline at 1.3760 level. This is not a complete pattern, but there is a possibility that we reach back to the neckline at 1.3760 as the price formed a daily long-legged doji candle at the 50-days average and 0.618 retracmenet.
If my suggested scenario to materialize, i would book profits closing half of my position near the neckline. Move stop loss to entry point in anticipation for a bullish breakout.
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
On the monthly chart we have seen price form a hammer candle as it was rejected on the 61.8 retracement for the major bullish wave (1.2128-1.5585).
Meantime, on the daily chart, the price could be forming an inverted head and shoulders with a potential right shoulder currently forming at the 50-days SMA and a neckline at 1.3760 level. This is not a complete pattern, but there is a possibility that we reach back to the neckline at 1.3760 as the price formed a daily long-legged doji candle at the 50-days average and 0.618 retracmenet.
If my suggested scenario to materialize, i would book profits closing half of my position near the neckline. Move stop loss to entry point in anticipation for a bullish breakout.
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game